Opting for section 44ad

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I have a small biz, sole proprietory, Regd. Ad Agency

For the last 5 years I was filing ITR4 / ITR3 (no books, no audit under Sec 44AB)

Though I was eligible for Sec 44AD, I had not opted for it  (not aware of it)

Can I opt for Sec 44AD from now starting FY 2018-19 & file  ITR3 ?

Thx

Replies (5)

No you can not  opt section  44AD , because  as per section 44AD(6) (iii)  of the Income tax act  1961 ,  this section will not apply to carrying on any agency business . 

please confirm with others also. 

as per my opinion 44ad is specially exclude for agency business so u can't claim income as per 44ad

Thankyou Sirs.  Small confusion: 

 I advertise for clients in my own website. So I am an Advertiser, not an agent.  Accurate  Business code options are available in ITR this year.

Last year FY 2017-18: I could select only Business code 0701 Advertising Agency.  (closest available to my business activity)

This year FY 2018-19: I am able to select business code sub-sector 16006 Advertising. ( more accurate business activity)

ITR3, PL (61), declaration under Sec 44AD, allows me to select my business code sub-sector 16006 Advertising.

So I think I am eligible for Sec 44AD as I am not an agent. Please suggest/clarify/confirm. 

Thx

 

 

if you are running advertising business and not an agent then 44AD yes

Thankyou Sir! I will go for 44AD

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