Applicability of section 44AD to profession
This query is : Resolved
19 June 2011
Hi experts,
If the person has income earned from profession and his gross receipts is below INR 60 lakhs, then whether he could avail the benefit of presumptive taxation under section 44AD (as amended w.e.f. 01.04.2010).
Section 44AD has been amended to include all small scale business carried on by individual or HUF under which 8% of total turnover or gross receipts would be deemed to be income of the assessee and would be assessible as such. My question is whether section 44AD convers only business or profession as well.
Thanks and Regards,
Manoj B. Gavali
If the person has income earned from profession and his gross receipts is below INR 60 lakhs, then whether he could avail the benefit of presumptive taxation under section 44AD (as amended w.e.f. 01.04.2010).
Section 44AD has been amended to include all small scale business carried on by individual or HUF under which 8% of total turnover or gross receipts would be deemed to be income of the assessee and would be assessible as such. My question is whether section 44AD convers only business or profession as well.
Thanks and Regards,
Manoj B. Gavali
19 June 2011
Section 44AD is applicable to the assessees carrying on "eligible" Business only. It is not applicable to professionals.
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