Section 44ad
This query is : Open
CA SHAH DILEEPKUMAR
(Querist)
11 May 2012
Share transactions i.e. a person dealing or trading in shares and the income is shown as income from business from such transactions. Is it covered u/s. 44AD. If a person doesn't show 8 % of his turnover of shares, he is required to get accounts audited u/s. 44AB.
Arvind Tiwari
(Expert)
12 May 2012
Dear Sir,
Finance Act-2009 has introduce New revised section 44AD effective from AY11-12. As per section 8% is payable on Gross Turnover
But Finance Bill -2012 has proposed retrospective amendment in Section 44AD effective from AY11-12 which exclude following business from the ambit of 44AD :- Commission Business , Agency Business Share Trading business.
So you can not take file return u/s 44AD
Finance Act-2009 has introduce New revised section 44AD effective from AY11-12. As per section 8% is payable on Gross Turnover
But Finance Bill -2012 has proposed retrospective amendment in Section 44AD effective from AY11-12 which exclude following business from the ambit of 44AD :- Commission Business , Agency Business Share Trading business.
So you can not take file return u/s 44AD
CA Alok Somani
(Expert)
30 July 2014
@Arwind Tiwari: I can not find any Share trading business being excluded from ambit of 44AD. Can you please recheck,
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