Sec44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2012 respected sir,
in the light of given new guidelines regarding form-4s for asst year2012-13, is it correct to compute frofit under sec-44ad inrespect of commission earned.
in my opinion as there is no amendment made to sec44ad, it would not be wrong to caliculate commission profit as per sec 44ad.
please clarify
thanks in advance.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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11 July 2012 Section 44AD has been retrospectively amended w.e.f AY 11-12 to provide that Section 44AD is NOT applicable to commission or agency income.

Accordingly, an assessee earning commission CANNOT avail benefit u/s 44AD.

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