Section 44 ad

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Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2012 Will section 44 AD applicable to Professional also.
As in section only word business in specifid.
Is the meaning of word business is enough to include the professionals also.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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08 April 2012 Yes, it applies to professional also.

As per IT act, Business itself means business & profession.

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2012 but business and profession are seperately defined in the act
and moreover, the intention of the act as in the case of Section 28va, where it state not to carry any activity related to business.
and then in another clause it specially mentioned not to share any knowledge, right, forumula etc in relation to any buss or profession.
Creates doubht in mind

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)
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08 April 2012 For F.Y 2012-13, the professionals, broker, commission & agency business will not be covered under 44AD as per Recent amendments of Budget 2012-13.

If you are asking for F.Y 2011-12, i think it will be covered u/s 44AD as clear from the this year budget amendments.

Hope query clears now

Now Cheers

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2012 For F.Y 11-12, there is confusion. But as u said budget for 12-13 clearely state professionals are not included may be it is made to clear the status of 44AD and remove the ambiguity of such section

CA Rakesh Goenka

CA Rakesh Goenka (Expert)
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08 April 2012 Professional are not covered under section 44 AD. Only business is covered.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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09 April 2012 AS PER SUPREME COURT DECISION IN G K CHOKSHI CASE BUSINESS DOES NOT INCLUDE PROFESSION
SO SECTION 44AD WILL NOT APPLY TO PROFESSION
CA MANOJ GUPTA
JODHPUR
09828510543

Querist : Anonymous

Querist : Anonymous (Querist)

12 April 2012 thank u Manoj sir

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