Section 44ad of the income tax act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 August 2018
Dear Sir,
One of my friends is running a Real Estate Outfit which works for commission by bringing purchaser & seller and gets a commission on sale of land, building, residential houses, flats etc. and also get commission for bringing Landlord & Tenant and gets commission.
My query is:WHETHER THE ABOVE PERSON CAN DECLARE HIS INCOME UNDER SECTION 44AD OF THE INCOME TAX ACT?
Thanks
One of my friends is running a Real Estate Outfit which works for commission by bringing purchaser & seller and gets a commission on sale of land, building, residential houses, flats etc. and also get commission for bringing Landlord & Tenant and gets commission.
My query is:WHETHER THE ABOVE PERSON CAN DECLARE HIS INCOME UNDER SECTION 44AD OF THE INCOME TAX ACT?
Thanks
22 August 2018
No, he can't declare income under 44AD.
22 August 2018
A person earning income in the nature of commisssion and brokerage is not eligible for presumptive taxation under section 44AD
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Tax on Deemed Capital Gain
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- 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
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
