Sec. 44ad

Vinod (CA in Practice) (445 Points)

30 November 2011  

Sec44AD of the Income Tax Act provides that "Individual, HUF, Firm carrying on any business other than plying....u/s 44AE" .

So my doubt is whether the following business are covered by 44AD ?

1. Manufacture of Industrial Parts

2. Financing business run by an individual.

Also, another doubt: Educational institution falls under which catagory for the purpose of Sec 44AB ? Business or Profession ? (ie. monitary limit is 60 L or 15 L) ?

Please advise.

vinodaca74 @ gmail.com