i know that professionals are not eligible to opt section 44AD presumtive taxation and file ITR-4S instread of ITR-4.
i need clarification whether following incomes/clients are eligible to opt for sec 44AD assuming that their turnover is less than the limit for tax audit.
1. lic agent ( commission income so cannot opt for 44AD)
2. civil contractor with material ( can opt)
3. civil contractor (only labour)( can opt)
4. estate agents ( no commission income)
5. tax consultants ( bcoz , its a consulting charges )
6. beauty parlour ( yes)
7. interior decorator (no fin act 2011)
8. accounting charges received
whether i am correct or not ?
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Replies (2)
You are more or less correct. With regards to accounting charges, it shall depend on the receiver. A CA receiving accounting charges won't be eligible for 44AD. but a B.com may be. the same shall be true for tax consultants too.
Agree wid mr. Nikhil
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