U/s 44ad-presumptive income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 March 2012 Dear All,
I have one client Share broker erned income Rs. 20,30,000/- for FY 2010-11, whether i can file his return under section 44AD presumptive income @ 8% FOR THE fy 2010-11.

vERY URGENT......
THANKS ADVANCE....

CA. Aryendra

CA. Aryendra (Expert)
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26 March 2012 Yes you can file but please not section is applicable to an individual or partnership firm only.

Querist : Anonymous

Querist : Anonymous (Querist)

26 March 2012 THANKS CA.ARYENDRAJI... ONE MORE QUESTION'

HE IS INDIVIDUAL, TODAY I READ IN TAXGURU REGARDING NOT APPLICABLE INCOME IN THE NATURE OF COMMISSION AGENT & BROKERAGE COMMISSION WITH EFFECT FROM RETORSEPECTIVELY FROM THE AY 2011-12.WHETHER SHARE BROKERAGE COMMISSION ATTRACTS THIS CLAUSE. OR I CAN PROCEED TO FILE U/S 44AD PRESUPT.INCOME @8% STILL.

THANKS A LOT FOR YOUR KIND ADVISE.....

CA. Aryendra

CA. Aryendra (Expert)
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31 March 2012 Sory for late reply but it is true. ammendment has been made section is not apply to following peoples:
1. Professional
2. Peoples earning income from commsiion and brokrage.
3. In case of Agency business.

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