Is Section 44 AD is applicable to Profession as well or for only Business?
8 Replies
CA SANDESH MAHIPAL
(Practicing in GST and MSME )
(1985 Points)
Replied 28 December 2011
No
sec.44AD does not cover profession.
It only covers Business Income
CA sumit chejara
(ca final)
(99 Points)
Replied 28 December 2011
Section 44 of income tax covers only business, not profession
sadasivareddy
(Employee)
(78 Points)
Replied 28 December 2011
From Assessment year 2011-12, a new section 44Ad has been inserted inthe Income-tax Act to replaceexisting sec.44AD .
The new Section will be aplicable to any business ( whether it is Retail trade,or Civil construction or any other business).
The provisions of the new Section will be applicable if the following conditions are satisfied:
1.Assessee eligible for the purpose of this Section has to be an Individual/a HUF/a Partnership Firm( not being a LLP);
2.The assessee has not claimed any deduction u/s.10A,10AA,10B,10BA,80HHto 80RRB in the relevant Assessment Year;
3.he is not engaged in the business of plying,hiring,or leasing goods carriages referred to u/s. 44AE; and
4. Total Turnover/ Gross Receipt of the Assessee in the previous year should not exceed Rs.60.00 lakhs.
HITENDRA
(NA)
(31 Points)
Replied 28 December 2011
If Assessee is engaged in more than One Business And If the total Turnover for both business exceeds 60 lakhs then he liable to audit u/s 44AB
CA Gautam Garg
(JOB)
(36 Points)
Replied 17 March 2012
If a person is having business income from lic commission then can he get his income to be computed u/s 44 AD on presumtive basis...?
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