sec 44ad
vikram tiwari (nothing) (49 Points)
18 March 2018
one of my friend is hair artist and running his saloon and academy.so can I file his return under sec 44ad?
5 Replies
CA Ayush Kacholiya
(Practicing Chartered Accountant)
(54 Points)
Replied 18 March 2018
Section 44AD applies to business having trading or business
It's a service as running academy also so debatable hence go for normal ITR 4/3
It's a service as running academy also so debatable hence go for normal ITR 4/3
Rahul Prasad
(CA Student)
(1683 Points)
Replied 18 March 2018
in case of service new section has been inserted 44ADA for presumptive income in profession. for this you have to consider atleast 50% income of gross receipt. ITR 4 will be filled for this.
vikram tiwari
(nothing)
(49 Points)
Replied 18 March 2018
thank you Rahul sir ji but is there hair artist is covered under professional definition??
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 18 March 2018
Yeah... As per my view it's not under the Proffesional definition... It's service but not profession. But, You can consider this normal provision..
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