Money lending business in which head for income tax return

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This discussion clarifies that a small-scale money lending business run by an individual can indeed be covered under Section 44AD of the Income Tax Act, as it's not an excluded business. The query also touches upon the appropriate nature of business code for income tax purposes, suggesting 'Financial Service Sector [Money Lenders]' and addresses potential issues if the activity isn't formally registered under any act.

VIKAS KUMAR SHARMA

VIKAS KUMAR SHARMA (Querist)

07 October 2020 money lending business on small level by individual in which head for income tax return.
can be covered US 44AD?
regards

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

07 October 2020 Money lending is not excluded from the purview of Section 44AD, and therefore, money lending business is eligible business for section 44AD

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VIKAS KUMAR SHARMA

VIKAS KUMAR SHARMA (Querist)

08 October 2020 thanks! for prompt reply SIR
what will be nature of business code under income tax ?
if does not registered under any act for above activity, any issues ?
regards

VIKAS KUMAR SHARMA

VIKAS KUMAR SHARMA (Querist)

10 October 2020 thanks! for prompt reply SIR
what will be nature of business code under income tax ?
if does not registered under any act for above activity, any issues ?
regards

VIKAS KUMAR SHARMA

VIKAS KUMAR SHARMA (Querist)

12 October 2020 Seetharaman SIR need your kind advise
what will be nature of business code under income tax ?
if does not registered under any act for above activity, any issues ?
regards

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

12 October 2020 0806 Financial Service Sector [Money Lenders]

VIKAS KUMAR SHARMA

VIKAS KUMAR SHARMA (Querist)

13 October 2020 thank you very much SIR

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