Income tax for cement dealer
This query is : Resolved
13 May 2022
Hi,
Can a cement dealer opt for presumptive taxation under section 44AD?
I am referring to below :
44AD (6) The provisions of this section, notwithstanding anything contained in the foregoing provisions, shall not apply to—
(i) a person carrying on profession as referred to in sub-section (1) of section 44AA;
(ii) a person earning income in the nature of commission or brokerage; or
(iii) a person carrying on any agency business.
This says 44AD is not applicable to agency business. Is cement dealer termed as agency business under income tax?
Regards,
Can a cement dealer opt for presumptive taxation under section 44AD?
I am referring to below :
44AD (6) The provisions of this section, notwithstanding anything contained in the foregoing provisions, shall not apply to—
(i) a person carrying on profession as referred to in sub-section (1) of section 44AA;
(ii) a person earning income in the nature of commission or brokerage; or
(iii) a person carrying on any agency business.
This says 44AD is not applicable to agency business. Is cement dealer termed as agency business under income tax?
Regards,
CA R SEETHARAMAN
(Expert)
13 May 2022
If you are buying cement and selling in your name as cement dealer 44AD applicable.
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