Section 44ad/44ada
This query is : Resolved
06 February 2018
Dear Sir/Ma'am,
According to the Income Tax Act, Medical are covered under section 44ADA. I want to know, whether Medical shop are also covered in section 44ADA i.e., under medical. What if I took income from medical shop under 44AD and shows income 30% of turnover.
According to the Income Tax Act, Medical are covered under section 44ADA. I want to know, whether Medical shop are also covered in section 44ADA i.e., under medical. What if I took income from medical shop under 44AD and shows income 30% of turnover.
07 February 2018
Section 44ADA Covers only Professionals such as Doctors, CAs, Advocates etc. Medical store owner is considered as a trader and not a Professional. So According to me Section 44AD will be applicable to him/her. So You may rightly disclose any profit above 8%.
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07 February 2018
Thankyou so much sir.
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