an assessee is having commission income & is also running a trading business. can he show his income from trading business under section 44AD.
5 Replies
CA ANKUSH AGGARWAL
(CHARTERED ACCOUNTANT)
(2782 Points)
Replied 20 December 2014
I think he could that if commission being received by him is not pertaining to trading business and gross receipts of trading business exceeds 1 crore rupees
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13706 Points)
Replied 20 December 2014
Trading business can be shown u/s 44AD as long as gross receipts does not exceed Rs. 1 crore
CA Mahesh Garg
(Chartered Accountant)
(22 Points)
Replied 20 December 2014
He can show trading business u/s 44 AD And commission ( if not related with business) under other source
NAVEESH DHAR
(ADVOCATE- TAXATION ADVISOR)
(427 Points)
Replied 21 December 2014
Both can be shown under 44AD as long as gross receipts does not exceed Rs. 1 crore
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13706 Points)
Replied 24 December 2014
Naveesh Dhar "Both can be shown under 44AD as long as gross receipts does not exceed Rs. 1 crore"
Section 44AD does not cover commission or brokerage income hence commission income cannot be shown in section 44AD.
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