Priya G. (122 Points)
16 August 2019I have a small biz, sole proprietory, Regd. Ad Agency
For the last 5 years I was filing ITR4 / ITR3 (no books, no audit under Sec 44AB)
Though I was eligible for Sec 44AD, I had not opted for it (not aware of it)
Can I opt for Sec 44AD from now starting FY 2018-19 & file ITR3 ?
Thx
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 16 August 2019
No you can not opt section 44AD , because as per section 44AD(6) (iii) of the Income tax act 1961 , this section will not apply to carrying on any agency business .
please confirm with others also.
praveen
(intermediate)
(303 Points)
Replied 16 August 2019
Priya G.
(122 Points)
Replied 16 August 2019
Thankyou Sirs. Small confusion:
I advertise for clients in my own website. So I am an Advertiser, not an agent. Accurate Business code options are available in ITR this year.
Last year FY 2017-18: I could select only Business code 0701 Advertising Agency. (closest available to my business activity)
This year FY 2018-19: I am able to select business code sub-sector 16006 Advertising. ( more accurate business activity)
ITR3, PL (61), declaration under Sec 44AD, allows me to select my business code sub-sector 16006 Advertising.
So I think I am eligible for Sec 44AD as I am not an agent. Please suggest/clarify/confirm.
Thx
Kapadia Pravin
(17259 Points)
Replied 16 August 2019
CAclubindia
