Section 44 ad urgent
Querist : Anonymous
Querist : Anonymous
This is what my opinion about applicability of 44AD.
44AD is applicable to eligible assessees doing eligible business.
The definition of eligible business excludes the following:
Professions covered under 44AA.
Commission/ broking
agencies
Thus, 44AD is not applicable to only those professions which are covered under 44AA. There is no blanket exclusion of professions as such.
Further, please note that the term is not defined anywhere in the act. Accordingly, any exclusion/ inclusion has to be determined only on the basis of specific wording of the relevant section. In this case, 44AD excludes only 44AA and nothing else.
Thus, unless and until a profession is covered under the exclusion list, it should be allowed under 44AD.
Click here to login now
Similar Resolved Queries
- Exiting partner in partnership firm in gst portal
- CLOSING STOCK QUERY
- Traces submitting correction statement error
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Taxability of credit in canara bank ET & T section (NRO)
- Loss of interest in PF transfer from EPFO to Trust
- ITR-Capital Gain
- IT returns for fresh job holders
- F&O reporting in ITR
- ITR-3 File/Error Found
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
