Commission income

In the Finance Bill 2012 section 44AD has been amended retrospectively w.e.f A.Y. 2011-12 to the effect that presumptive scheme under the said section is not applicable to

> persons carrying on profession as referred to in section 44AA(1) or

> persons earning income in the nature of commission or brokerage income or

> persons carrying on any agency business.

Section 44ADwont apply in case of Agency Business as well as in case of a business earning income from Commission or Brokerage.