U/s 44 ad

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Jignesh (Querist)
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02 April 2012 Whether a person running Diamond Brokerage income can claim U/S 44AD ???
For Assessment year 2010-11 , 2011-12

and it heared that in new budget any brokerage , commission and agency income will not be claimed u/s 44 ad...??

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 Section 44AD has been retrospectively amended by Finance Bill 2012

With retrospective effect from AAY 11-12 presumptive tax provisions are NOT applicable to persons earning income in the nature of commission or brokerage or person carrying on any agency business.

Jignesh

Jignesh (Querist)
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04 April 2012 So in which section it shuld be filled if it is same as 44 ad..

Privs year also filled in 44 ad

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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05 April 2012 This year you will have to show normal profits. You cannot take benefit of presumptive profits.

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