RAJ KUMAR (FINANCE MANAGER) (1393 Points)
02 March 2013HELLO FRIENDS, PLS. TELL ME WHETHER TO BE COVERED IN PROFESSION ANY QUALIFICATION IS NECESSARY OR NOT. A PERSON DOES ONLY LABOUR WORK SAY PLUMBER OR DOES STITCHING WORK ARE COVERED UNDER PROFESSION OR BUSINESS. CAN I FILE THE RETURN FOR ABOVE INCOME IN ITR-4S BECAUSE SECTION 44AD APPLIES ONLY TO BUSINESS NOT TO PROFESSIONS.
PLS. HELP ME. THANKS.
CA.D.RAGAVAN
(CHARTERED ACCOUNTANTS)
(219 Points)
Replied 02 March 2013
Please Refer Section 44AA of the Income Tax Act. The following persons are only professional NOT covered for Presumptive Income U/s. 44AD
"Pesons Carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette"
Any other Profession such as Tailors, Plumbers as mentioned in Your Query can file ITR 4S
Regards
CAclubindia
