44ad

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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)

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)

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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