Section 44ad exemption

NagarajanS (Others) (41 Points)

08 April 2014  

Hi, 

I have an income from my Mutual Fund business, if there is a loss Section 44AD is applicable ?

Below article mentioned commission income is exempt from section 44AD

https://www.simpletaxindia.net/2013/08/tax-audit-mandatory-if-turnover-of.html

Following are Excluded /not covered under 44AD
(i) a person carrying on profession as referred to in sub-section (1) of section 44AA;
(ii) a person earning income in the nature of commission or brokerage; or
(iii) a person carrying on any agency business.

Recently I received notice under section 139(9) saying enter negative value in prodif column. 

Thanks 

Nagarajan