Income decleration under section 44ad of it act
This query is : Resolved
Sharad Gupta
(Querist)
21 May 2015
a Partnership firm engage in the business of provide share market tips. Its Turnover during the F.Y 2014-2015 is approx. Rs. 23,00,000/-.
Can we declare its income under Sec. 44AD of IT Act?
Can we declare its income under Sec. 44AD of IT Act?
Nikhil Kaushik
(Expert)
21 May 2015
as long as you are not undertaking professions covered under section 44AA and not involved in agency or commission income business, you can use 44AD
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