an assessee is having commission income & is also running a trading business. can he show his income from trading business under section 44AD.
Menu
Profit u/s 44ad
Replies (5)
I think he could that if commission being received by him is not pertaining to trading business and gross receipts of trading business exceeds 1 crore rupees
Trading business can be shown u/s 44AD as long as gross receipts does not exceed Rs. 1 crore
He can show trading business u/s 44 AD And commission ( if not related with business) under other source
Both can be shown under 44AD as long as gross receipts does not exceed Rs. 1 crore
Naveesh Dhar "Both can be shown under 44AD as long as gross receipts does not exceed Rs. 1 crore"
Section 44AD does not cover commission or brokerage income hence commission income cannot be shown in section 44AD.
Recent Threads
- ITR-2 Payment Made but Status Not Updated
- Need help for ITR filing
- ITR Updated returns. Time limit for filing
- ITR 2 Processed and Refund Credited to Bank
- Freelancer or Salaried
- LTCG Tax & Indexation on Debt Mutual Funds Sol
- Section 45(5A) and 194IC with carry forward of tds
- Paid tax amount, CIN generated and challan downloa
- INTRADAY INCOME PRESUMPTIVE INCOME
- Clarification on Deemed Export Status for EOU-to-E
Related Threads
CAclubindia
