One of my client is an estate agent can he opt for sec 44AD????
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Estate agent u/s 44ad
Replies (6)
No.......
Commission, brokerage, agency income etc. cannot be assessed u/s. 44AD.
but his previous accountant has filled under 44AD and the return got processed too.
Recently defective notice received by....
"In the Nature of Business I had selected "18009 - Medical suppliers, agencies and stores". Today I got a notice under 139(9) saying "the provisions of Sec.44AD are not applicable to persons carrying on any agency business.". But my firm is not a agency business. It is a retail medical store. Now it is clear that I have to select something else in "Nature of business".
Read more at: https://www.caclubindia.com/forum/business-code-for-a-medical-store-got-notice-under-139-9--475499.asp
yes sir i have already gone through this post in this he can show retail bussiness and get the things done but in my case income is purely of commision nature even if i do not opt for 44AD this AY the past AY will gets invalidated...
It might not have been caught because of different nature of business code, otherwise defective notice would have been surity.....
In case you file ITR with correct code.... that is not going to revert to earlier ITR... (a person can change business activity!!)
I am having one client and the business is of as follows....
First he buys the property and if a party arrives for the property, he sells the same and encashes the profit. (What is this transaction called and and can i file his return under section 44AD)
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