Section 44ad
This query is : Resolved
chirag_shethca
(Querist)
30 August 2013
Sir, i have three querries
1. Whether Renumeration received from firm which is taxed as bussiness income can be offered for tax under Section 44AD. if Not then why.
2. Whether income/loss under f&o transactions is compulsorly covered u/s 44AD? becuz one single transaction in F&O i have incurred loss of 25k. do i have to go for tax audit?
3. Whether an Artist who maakes and sales painting on a regularly basis can be covered under section 44AD.
Your Early reply will be highly appreciated
1. Whether Renumeration received from firm which is taxed as bussiness income can be offered for tax under Section 44AD. if Not then why.
2. Whether income/loss under f&o transactions is compulsorly covered u/s 44AD? becuz one single transaction in F&O i have incurred loss of 25k. do i have to go for tax audit?
3. Whether an Artist who maakes and sales painting on a regularly basis can be covered under section 44AD.
Your Early reply will be highly appreciated
31 August 2013
1. No, aa 44ad provides presumptive taxation on turnover
2. No tax audit required
3. Not covered
2. No tax audit required
3. Not covered
chirag_shethca
(Querist)
03 September 2013
Sir, With respect to Point no 3.. We are paying VAT on the paintings that are sold to the client or the Art gallery and this was after the VAT dept visited the studio. wouldnt this can be a case of Business Income ? Further u/s 44ab the term artisit is with reference to film artist.
Sir can you plz provide some reference with respect to this as why is to considered as professional income and not a business income .
Sir can you plz provide some reference with respect to this as why is to considered as professional income and not a business income .
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