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Section 44ad of income tax act, 1961

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12 February 2014 A firm of consultants, providing financial, taxation & corporate services with professioanl & wife of a professional with vast experience partners. Firm is liable to pay service tax. Whether income of such firm is assessable as income from Profession for the purpose of section 44AD of the Income Tax Act, 1961?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
12 February 2014 Section 44AD is not applicable for the assessees having Professional Income.
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