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Presumptive income

Yugal Gupta (student) (62 Points)

08 October 2016

Can Estate Agents file under Presumptive Income? (44AD or 44ADA)

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (193936 Points)
Replied 08 October 2016

No. A person who is carrying on any agency business or earning income in the nature of commission or brokerage cannot assess income under presumptive scheme.

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Yugal Gupta (student) (62 Points)
Replied 10 October 2016

Thank you Sir.

One more question, Are every type of agencies covered in that, whether it be Advertisement agencies, courier agencies, security agencies, software development agencies or travel agents?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (193936 Points)
Replied 10 October 2016

Agency has specific meaning, means working on someones behalf on some commission etc. These agencies of whatever nature are covered and cannot declare income under sec 44AD, like estate agent, travel agent, etc. But security, software development etc. are not actually agency, but come under eligible business and hence can declare income u/s. 44AD, subject to fulfillment of other conditions.