44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 July 2013 I receive consultancy charges from a foreign company which is below Rs 1 crore, so can i opt for 44AD???

Further I sold a house this year and also purchase another for exmption under 54, but if I opt for 44AD, I have to use ITR 4S and in that ITR there is no column for CAPITAL GAIN.....

Confused@@....pls share your views asap!!!

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 July 2013 If you are not a professional mentioned in section 44AA(1) or other professional notified as per notifications SO 17(E) dated 12-01-1977, SO 2675 dated 25-09-1992 and so 385(E) dated 04-05-2001, you are eligible to opt presumptive taxation under section 44AD.

ITR4S can't be used if you have income under 'capital gains'.

CA Sourabh Agarwal

CA Sourabh Agarwal (Expert)
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22 July 2013 Regarding second query, You have to use ITR 4 in that case.
First query is bit controversial, Sec. 44AD specifically excludes professions covered u/s 44AA. So first check whether yours is the one covered under that section.

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