Sec 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 August 2011
Can Tailors Comes under Sec.44AD
26 August 2011
Hi,
As per section 2(36)" profession includes vocation". Tailoring comes under vocation and hence, we can say it is out of section 44AD. Other experts views are welcome
As per section 2(36)" profession includes vocation". Tailoring comes under vocation and hence, we can say it is out of section 44AD. Other experts views are welcome
CA Rajeev Bansal
(Expert)
28 August 2011
Yes, all types of Business, Vocation and Profession cone under Sec 44AD
29 August 2011
Hi,
Only eligible businesses are covered u/s 44AD and other vocations and professions are out of 44AD.
Only eligible businesses are covered u/s 44AD and other vocations and professions are out of 44AD.
CA Rajeev Bansal
(Expert)
29 August 2011
(b) “eligible business” means,—
(i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii) whose total turnover or gross receipts in the previous year does not exceed an amount of 28 [sixty lakh rupees].]
Thus, All Business, Vocation and profession are included except where there is mandatory to keep books of accounts as per section 44AA
(i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii) whose total turnover or gross receipts in the previous year does not exceed an amount of 28 [sixty lakh rupees].]
Thus, All Business, Vocation and profession are included except where there is mandatory to keep books of accounts as per section 44AA
29 August 2011
Hi,
As per my understanding, Income Tax Act, defines business and profession separately. When there is a separate definition of both the terms, we cann't assume that business will include professions also. If that is the case, then section 44AD would have drafted saying "eligible business and eligible professions". As per my views, section 44AD is not applicable on profession.
As per my understanding, Income Tax Act, defines business and profession separately. When there is a separate definition of both the terms, we cann't assume that business will include professions also. If that is the case, then section 44AD would have drafted saying "eligible business and eligible professions". As per my views, section 44AD is not applicable on profession.
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