Speculation business
This query is : Resolved
27 December 2012
Is there any specific limit for speculation business under 44AD?
28 December 2012
Sec. 44AD deals with the presumption taxation. It applies to every business other than the business of plying, hiring or leasing of goods carriage referred to in sec. 44AE.
Sec. 44AD is not applicable to profession. Further, sub sec. (6) of Sec. 44AD as inserted w.r.e.f. from AY 2011-12, the scheme of presumptive taxation is not applicable to :
(a) a person carrying on profession
(b) a person earning income in the nature of commision or brokerage income ; or
(c) a person carrying on any agency bsusiness.
Thus, Speculation business is covered u/s 44AD. The threshold limit of total turnover has been increased from Rs. 60 lacs to Rs. 100 lacs.
Sec. 44AD is not applicable to profession. Further, sub sec. (6) of Sec. 44AD as inserted w.r.e.f. from AY 2011-12, the scheme of presumptive taxation is not applicable to :
(a) a person carrying on profession
(b) a person earning income in the nature of commision or brokerage income ; or
(c) a person carrying on any agency bsusiness.
Thus, Speculation business is covered u/s 44AD. The threshold limit of total turnover has been increased from Rs. 60 lacs to Rs. 100 lacs.
28 December 2012
Thanks for reply
I read at somewhere that for speculation business threshold limit is 37 lakhs.
I read at somewhere that for speculation business threshold limit is 37 lakhs.
01 January 2013
Refer the amended Sec. 44AD which is made with retrospective effect.
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