Presumptive business
This query is : Resolved
Venugopala Chary
(Querist)
26 March 2012
Dear Sirs
My clients (wife & husband), running physiotherapy clinic, how can i show income from this clinic as u/s 44AD, 604-Medical Profession, in both ITR, with the same Trade Name. Can i show T/o as Husband - 2 Lacks, Wife - 1.32 Laks, as they are deposit these amounts in their SB Accounts separately.
By mentioning Same Trade NAme is there any problem. is there any registration / partnership deed required.
presently they do not have any registration and partner ship deed.
even if they registered & have P/s deed , can i submit ITR 4S, u/s 44AD.
Thanks in advance
My clients (wife & husband), running physiotherapy clinic, how can i show income from this clinic as u/s 44AD, 604-Medical Profession, in both ITR, with the same Trade Name. Can i show T/o as Husband - 2 Lacks, Wife - 1.32 Laks, as they are deposit these amounts in their SB Accounts separately.
By mentioning Same Trade NAme is there any problem. is there any registration / partnership deed required.
presently they do not have any registration and partner ship deed.
even if they registered & have P/s deed , can i submit ITR 4S, u/s 44AD.
Thanks in advance
Arvind Tiwari
(Expert)
26 March 2012
Section 44 AD as introduced by finance act 2009 is not applicable for Professional person
Who is professional is defined under section 44AB. Professional are kept out of preview of Section 44AD. As running Clinic amount to doing professional works
So the Conclusion is that u can not file return On Presumptive Basis u/s 44AD
Who is professional is defined under section 44AB. Professional are kept out of preview of Section 44AD. As running Clinic amount to doing professional works
So the Conclusion is that u can not file return On Presumptive Basis u/s 44AD
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Venugopala Chary
(Querist)
06 November 2013
Thank you sir
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