44ADA applicability

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44ADA applicability

I am working as consultant and paying service tax. Can I avail 44ADA for income tax filing?

Profile photo of Sanjay Srivastava Asked By: Sanjay 3 replies 1 helpful answers Last Updated: 1 month, 1 week ago
  • Profile photo of Sanjay SrivastavaSanjay
    Participant

    I am working as consultant and paying service tax. Can I avail 44ADA for income tax filing?

  • Profile photo of Shweta RabadeShweta Rabade
    Moderator

    As per the newly inserted section 44ADA

    Who is eligible:
    any person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board.

    Conditions:
    1. Total annual gross receipts do not exceed fifty lakh rupees
    2. He offers minimum 50% of the gross receipt as his taxable income from his profession
    3. No further deduction will be allowable under the provisions of sections 30 to 38.

  • Profile photo of Amit Kumar BansalAmit Kumar Bansal
    Participant

    Surely you must avail the benefits of section 44ADA, Under this section taxpayer who is engaged in the prescribed profession activities having gross receipt up to Rs. 50 lakh in a financial year can avail this section and take benefit up to 50% of the gross receipt. https://financialcontrol.in/filling-itr-iv-form-complete-guide/#What_is_the_presumptive_income_under_44ADA

  • Profile photo of shreenairshreenair
    Participant

    Notwithstanding anything contained in sections 28 to 43C, https://itunes.red/ in the case of an assessee, being a resident in India, who is engaged in a profession referred to in sub-section (1) of section 44AA and whose total gross receipts do not exceed fifty lakh rupees in a previous year, a sum equal to fifty per cent of the total gross receipts of the assessee in the previous year on account of such profession or, as the case may be, a sum higher than https://adobereader.onl/ the aforesaid sum claimed to have been earned by the assessee, shall be deemed to be the profits and gains of such profession chargeable to tax under the head “Profits and gains of business or profession”. https://discord.software/

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