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Sec 44ad

RAJ KUMAR (FINANCE MANAGER) (1393 Points)

02 July 2013

HELLO FRIENDS, I AM LITTLE CONFUSED IN SEC 44AD

PLS. TELL ME SEC 44AD NOT APPLIES TO SPECIFIED PROFESSIONS BUT WHETHER IT CAN APPLY TO OTHER PROFESSIONS.

FOR EX A STUDIO PHOTOGRAPHER CAN FILE HIS RETURN IN SEC 44AD OR NOT.

BECAUSE HE IS A PROFESSIONAL BU I THINK IT IS NOT A SPECIFIED PROFESSION.

PLS. REPLY ME.

THANKS.

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3 Replies

sonijohn (auditor) (53 Points)
Replied 02 July 2013

Dear Rajkumar ,I hope this may resolve ypur problom.

.Requirement of maintaining books of account by professionals to apply in respect of accounting years commencing on or after April 1, 1976

1. Section 44AA casts a legal obligation for maintenance of books of account by persons specified therein. This section has come into force with effect from April 1, 1976.

2. The Board have examined the question as to the date from which provisions of section 44AA are applicable. The requirement contained in sub-sections (1) and (2) of section 44AA regarding maintenance of books of account and documents will apply only in relation to books of account and documents in respect of accounting years commencing on or after April 1, 1976.

Circular : No. 205 [F. No. 201/50/76-IT(A-II)], dated 27-7-1976.

409. ‘Other professions’ notified under sub-section (1) for the purposes of compliance of requirement

NOTIFICATION 1

In exercise of the powers conferred by sub-section (1) of section 44AA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby notifies for the purposes of the said sub-section the following professions, namely :

(a) the profession of authorised representative; and

(b) the profession of film artist.

Explanation : In this notification,—

(a) “authorised representative” means a person, who represents any other person, on payment of any fee or remuneration, before any Tribunal or authority constituted or appointed by or under any law for the time being in force, but does not include an employee of the person so represented or a person carrying on legal profession or a person carrying on the profession of accountancy;

(b) “film artist” means any person engaged in his professional capacity in the production of a cinematograph film, whether produced by him or by any other person, as—

(i) an actor;

(ii) a cameraman;

(iii) a director, including an assistant director;

(iv) a music director, including an assistant music director;

(v) an art director, including an assistant art director;

(vi) a dance director, including an assistant dance director;

(vii) an editor;

(viii) a singer;

(ix) a lyricist;

(x) a story writer;

(xi) a screen-play writer;

(xii) a dialogue writer; and