44 ad
This query is : Resolved
02 September 2013
Assessee has two business
one of commission whose total commission income will be taken as net profit.
Other business is of trading
Whether we can presume income @8 % or higher from the trading business.
We may take the commission income from Other Sources also.
In this case whether 44 AD will be applicable or not?
Plz guide.
one of commission whose total commission income will be taken as net profit.
Other business is of trading
Whether we can presume income @8 % or higher from the trading business.
We may take the commission income from Other Sources also.
In this case whether 44 AD will be applicable or not?
Plz guide.
02 September 2013
Yes Sukruti,
Commission income is not included under 44AD. Hence, the income from the other business can be taken under 44AD. Also, Commission income cannot be treated as income from other sources, and should be taken as income from business and profession.
Commission income is not included under 44AD. Hence, the income from the other business can be taken under 44AD. Also, Commission income cannot be treated as income from other sources, and should be taken as income from business and profession.
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