Respected Members
I would like to know if a person doing some online e-commerce related business from home without obtaining a trade license.
at the time of Income tax return can I show this in 44AD as if yes then what will be shown in his balance sheet.
kindly reply it as soon as possible
Thanks in advance
Menu
Regarding 44AD
Replies (4)
For any eligible business sec. 44AD can be opted, where there is no need of balance sheet or books of accounts; but few mandatory details about the business need to be filled in ITR.
if it's service i.e., professional then it will come under 44ADA
I got it but at the time of personal file can I show it as a business income
1. Sec 44AD can be opted by a person who is carrying on eligible business provided his gross receipts or T.O has not exceeded Rs. 2 crores during the year.
2. If the person is carrying on a profession which is covered under sec 44AA, then in such a case he can opt to pay tax under sec 44ADA provided his gross receipts or T.O has not exceeded Rs. 50 lakhs.
3. If he is selling a product then he may choose sec 44AD and if he is doing service then he will be covered under sec 44ADA.
4. There is no need for showing BS and PL in the above cases it would be enough if you have entered the gross receipts.
Please correct me if the above solution has an alternative view.
Recent Topic
- AIS UTILITY
- NPS Premature withdrawl -Tier 1 Account
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
Related Topics
CAclubindia
