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Applicability of s.44ad to agency business
One my client has Parle Products' Authorised Agency.His turnover is liable for audit.Will he has to show presumptive profit @ 8% if does not opt for audit?
Replies (3)
Section 44AD does not apply to agency business
Section 44AD does not apply to following assessees ;
1)A person carrying on profession as referred u/s44AA(1)
2)A person carrying income in the nature of Commission or brokerage.
3)A person carrying on any agency business
4)A person who is in the business of plying , hiring or leasing goods carriages.
Hope this is clear
1)A person carrying on profession as referred u/s44AA(1)
2)A person carrying income in the nature of Commission or brokerage.
3)A person carrying on any agency business
4)A person who is in the business of plying , hiring or leasing goods carriages.
Hope this is clear
For other small businesses, is 44AD compulsory or optional? Can we declare income above 8% & yet not opt for 44AD?
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