Sec 44ad of it act

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RESMI C RAJ

RESMI C RAJ (Querist)
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19 November 2012 Whether 44AD applicable for financial institutions?

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CA Prashant Gupta

CA Prashant Gupta (Expert)
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19 November 2012 Section 44AD applicable to eligible person doing eligible business.

Thats is not applicable to person carring profession u/s 44AA, earining income from commision or brokage and person carring agency business.

Eligible business is except business u/s 44AF and business below tax audit limit.

Eligible assessee is indiviual, HUF or partnership firm but not LLP.

Section also not apply to assessee claiming deduction under section 10 or heading C of schedule VI.