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
CA PARAS BAFNA
(Expert)
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.
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