Thank u all
Tej Prakash Saini
(Article Assitent)
(21 Points)
Replied 02 August 2011
w.e.f. A. Y. 2011-2012 Sec.44 AD Will Be Applicable To Any Bussiness Whether It is Retail, Trading n Any Other Bussiness (Except Sec. 44 AE N Proffesional services).................
44 AD Is Also Cover Any Types Of Job Works....
Doctor is also one of the professional who is covered under section 44AA of income tax act,
Therfore Sec. 44 AD Not Applicable On Practice Doctor.......
suman
(Auditor )
(388 Points)
Replied 02 August 2011
Dear Ankur,
Think twice before challeging any body's knowledge. Opinion of professinals/ experts some times differs but that doesnt mean they are not update. I am fully supporting my views and my answer . And Evan today if you are not aware of provisions of IT Act than pls consult any expert of your choice you will get your answer
Sazeed Khan
(Article Assistant)
(23 Points)
Replied 02 August 2011
Agree wid Ankur Jain..............
Rikin Patel Sir,
It is clearly mentioned in 44AD, Dat it wil apply to any business not profession..........
and about less than 8% profit, it is the case of deemed audit...........u/s 44AB..
CA Priyanka Pagar
(-)
(35 Points)
Replied 02 August 2011
hey.... 44ad is applicable to any business other than cover u/s 44ae...ad doctor is a proffession..not a business, it is not covered by 44AD...see the definition of Profession....medical profession is specifically prescribed.....
CA PARAS BAFNA
(Practising CA )
(33423 Points)
Replied 02 August 2011
Yes, Because brokerage is also an eligible business.
It will apply in the case of Individual , HUF and Firm only. These are eligible assessees as defined U/s 44AD.
shyam yande
(ASSISTANT)
(21 Points)
Replied 03 August 2011
To whomsoever it may concern.
Using section 44 Ad Provisions .
Can I simply Deposit Rs 50 Lacs in Bank & pay Tax On Rs 4 lacs being presumptive profit.
What about VAT? SERVICE PAX obligations ?
CA,CMA,CS Karan Gogia
(Employed)
(230 Points)
Replied 05 August 2011
-buss
--turnover
<60lac+ eligible buss=opt for 44AD( can opt out if income voluntarily if turover is less thn 60 lac)
>60lac+ eligible buss= can not opt
-profession
-receipts
<15lac+eligible buss=??
>15lac+eligible buss=??
see the intention of law maker is to give44AD to buss only...
CAclubindia
