Presumptive income under 44ad
This query is : Resolved
05 October 2014
Dear Sir/Madam,
I am running coaching classes and my yearly income is around 14 lacs p.a.
Is it ok if i file my tax return under presumptive income under 44AD ?
Thanks
Best regards
Patel
I am running coaching classes and my yearly income is around 14 lacs p.a.
Is it ok if i file my tax return under presumptive income under 44AD ?
Thanks
Best regards
Patel
Nikhil Kaushik
(Expert)
05 October 2014
there are two views on this. one view is that since coaching is not covered under 44AA(1), it can be covered under 44AD
the other view is that no profession can be covered under 44AD. However, whether a coaching can be covered under the term profession itself is an issue
Among the above two, I am in favor of the first view.
the other view is that no profession can be covered under 44AD. However, whether a coaching can be covered under the term profession itself is an issue
Among the above two, I am in favor of the first view.
Message likes :
1 times
05 October 2014
44AD not applicable for in your case since it is Professional Income.
Message likes :
1 times
19 October 2014
i go with sanjay bhai's view...............
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