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,
13 May 2022
If you are buying cement and selling in your name as cement dealer 44AD applicable.
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