Sec 44ad
This query is : Resolved
16 August 2013
Does SEC 44AD is not applicable to agency business, if yes than what is agency business as per Income Tax Act.
Dintakurthi Tirumala
(Expert)
16 August 2013
Yes, section 44AD doesn't apply to agency business. Section 44AD directly saying this section not applicable to Agency business, commission/brokerages and professionals.
In such case you have to file ITR-4 as per the actual profit & Loss of the agency business and required to maintain books according to the section 44AA provisions.
OM SAI SRI SAI JAI JAI SAI
In such case you have to file ITR-4 as per the actual profit & Loss of the agency business and required to maintain books according to the section 44AA provisions.
OM SAI SRI SAI JAI JAI SAI
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16 August 2013
Section 44AD is NOT applicable to a person carrying on agency business.
Agency business means where the person is acting as an agent on behalf of someone else. He DOES not OWN the goods sold on behalf of the principal. He is only an agent who brings the buyer & the seller together.
He DOES NOT purchase the goods from the principal.
For eg. consignee (consignment sales)
Agency business means where the person is acting as an agent on behalf of someone else. He DOES not OWN the goods sold on behalf of the principal. He is only an agent who brings the buyer & the seller together.
He DOES NOT purchase the goods from the principal.
For eg. consignee (consignment sales)
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16 August 2013
there should be agent principal relationship basically.
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