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Presumtive taxation

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 April 2012 Is the presumptive taxation U/Sec 44 AD applicable for professionals also?
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CA Nikhil Jhanwar

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CA Nikhil Jhanwar (Expert)
06 April 2012 No it is just for small business assessee.
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Querist : Anonymous

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Querist : Anonymous (Querist)
06 April 2012 is it the same for FY 2012-13?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
06 April 2012 Yes even for FY 12-13, Section 44AD is NOT applicable to professionals.

Further, Section 44AD has been retrospectively amended w.e.f AY 11-12 to provide that Section 44AD is NOT applicable to commission income or income from agency.
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Querist : Anonymous

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Querist : Anonymous (Querist)
08 April 2012 Thanks to all.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
09 April 2012 You are welcome. you should use the thanks button to convey your thanks.
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