44AD
This query is : Resolved
11 March 2020
ASSESEE ENGAGED IN COMMISSION BUSINESS AND ALSO TRADING BUSINESS. AS COMMISSION BUISNESS IS NOT ELGIBIBLE FOR 44AD, HE MAINTAINS BOOKS OF ACCOUNTS FOR COMMISSION BUSINEES.
MY DOUBT IS WHETHER HE CAN OPT 44AD FOR TRADING BUSNIESS
MY DOUBT IS WHETHER HE CAN OPT 44AD FOR TRADING BUSNIESS
11 March 2020
Yes, he can opt 44AD being an eligible business carried on by an eligible assessee.
.
You have to fill up the Schedule PL for Commission business and have to give financial and Operational particulars only in case of 44AD business.
In my view Section 44AD (6) requires some modification which can clearly sound like ..." The provisions of this section are not applicable in respect of commission/ brokerage income.
.
Recently, in one of my case CPC has intimated that ITR is defective as according to them Turnover U/s 44AD was also required to be reported in in the PL. But like an obedient assessee I have gone for filing my response, nothing was found wrong on the site.
.
You have to fill up the Schedule PL for Commission business and have to give financial and Operational particulars only in case of 44AD business.
In my view Section 44AD (6) requires some modification which can clearly sound like ..." The provisions of this section are not applicable in respect of commission/ brokerage income.
.
Recently, in one of my case CPC has intimated that ITR is defective as according to them Turnover U/s 44AD was also required to be reported in in the PL. But like an obedient assessee I have gone for filing my response, nothing was found wrong on the site.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
