Dear Sir,
One of my client is running software development company under proprietorship. His client deducted his TDS u/s 94J. He himself does not develop the software but get the software developed by other companies and employees. His turnover is Rs. 25 lakh annually. My question is that Can he opt the section 44AD ? or He has to compulsorily adopt section 44ADA , if he does not want to get his account audited.
If he himself is qualified under 'specified professions' as per sec.44AA(1), he will have to opt for sec. 44ADA...
Basically, he can opt for sec. 44AD as for him its business, which is based on professionals hired by him; but because of virtual process of assessment by CPC, defective notice is bound to arise for TDS deduction u/s. 194J.
Greetings,
Well i have a similar situation, though i am freelence software/web developer. Running my own properitership, now am i eligible to this section 44ad if not which ITR i fall under. + How can i verify my properitership.
Regards,
Manas
CCI
Pro
CAclubindia
