can professional service provider show his income u/s 44ad for ay 2012-13
DIPESH
(PROFESSIONAL)
(48 Points)
Replied 21 March 2013
THE DEFINATION OF BUSINESS AND PROFESSION ARE SEPERATE FROM EACH OTHER AS PER INCOME TAX ACT, 1961. UPTO A.Y. 2012-13 IT IS NOT SPECIFICALLY SHOWN THAT IT APPLIED TO PROFESSION OR NOT BUT THE WORDING OF SECTION 44AD SHOWS THAT IT APPLIES TO ONLY BUSINESS NOT TO PROFESSION. TO ROMOVE CONFUSION, SPECIFIC EXCLUSION FROM SECTION 44AD HAS BEEN GIVEN IN FINANCE ACT,2012 FOR PROFESSIONAL, AGENCY BUSINESS AND COMMISSION AGENTS.
manish gupta
(delhi)
(37 Points)
Replied 21 March 2013
Following person are not eligible to avai benefit u/s 44ad
1. a person cover u/s 44AA
2. a person earning income in the nature of commission or brokerage
3. a person carrying on any agency bussiness
professtional service provider is not show his income u/s 44ad as professtional comes u/s 44AA
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