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Section 44ad, website building proprietorship dilema
Can somebody tell if a website building proprietorship falls under Section 44AD or 44ADA
@ 10 people work in the firm either as employees or consultants. The receipts are online only and originate from outside india only. The receipts are above 50 lakhs. (firm registered as proprietorship with shops & establishments + service tax, NIL service tax as receipts originate from outside india). The services are either website building or man & material software consultancy. People who work in this firm are IT graduates.
Can anybody confirm, if this firm's business falls under section 44AD.
Replies (1)
Hi,
In this case Section 44ADA is not applicable since gross receipts above Rs.50 Lakhs.
So, it is required to keep and maintain the books of account under section 44AA and get audit under section 44AB.
Thanks
Regars
Vineet Kumar
Mob.+91-7770010353
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