Perposed amamdment u/s 44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 April 2012 sir,what impact of purposed amendment in u/s 44ad w.f. 1/04/2011 those who filed her return of income in form no. 4s having a agency work plz clear

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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19 April 2012 In response to the queries related with LIC Agents, and Commission Agents, in my replies I have requested to show profits @ 60-70%.
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The ball is in the court of the IT Department as on the basis of Particulars furnished in reference to the nature of business of the assessee, they may very well locate such cases.
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But, the Govt will not touch the small assessees, as already a great credibility loss has been suffered by the Govt. due to the retrospective changes made by it in connection with the Vodafone Case.
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Phir Jo hoga Dekha Jayega.
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