Section 44ad clarity

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 June 2015 1.) I own one IT Consultancy and service , development company and work as director but i dont draw much salary i should say 0 salary

2.) I do have some contracts with my clients which pay as me directly in my account withoit any relation with my company

Can I be considered apply for Section 44AD ? as my understanding NO - as I am II engineer and technology company

please confirm

CA P RAVICHANDRA

CA P RAVICHANDRA (Expert)
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06 June 2015 Sec 44 AD is not applicable for the professional services.

if u have further doubts pl contact ca.prchandra@gmail.com

Nikhil Kaushik

Nikhil Kaushik (Expert)
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06 June 2015 you are covered under section 44AA. Hence section 44AD is not applicable to you. You need to File ITR-4 and comply with 44AA provisions with regards to maintenance of books of accounts.

check for application of 44AB limit (rs 25 lakhs) for audits in case of professionals