Applicability of sec 44ad

Section 44AD is applicable to Business as distinct from Profession. However it is also  stated as per subsection 6 (inserted by Finance Act 2012)  that 44AD will not apply to Professions specified under sub section 1 of section 44AA. Does it mean that Section 44AD will be applicable to all others that are not covered by sub section 1 of section 44AA?

If income from all professions, was to be excluded, then what was the need to specifically mention only those professions that are specified in sub section 1 of section 44AA? Since 'Profession' is not elsewhere defined in I T Act, does it not indirectly mean that I T Act recognises as profession only those that are specified in sub section 1 of section 44AA?

Learned Members may kindly give their opinion.

Thanks.

Replies (2)

Yes...in the Act they have given that book maintenace requirments  of sec 44AA is for  medical ,legal, accounting etc and any other profession as notified by CBDT...so I think that all the professional required to kep detailed books and therefore ineligible for presumptiove svheme of Sec 44AD ...

Request further clarification -- Are only professions specified u/s 44AA excluded in applicability of section 44AD?

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