The presumptive taxation scheme of section 44ADA is applicable to certain specified professionals whose gross receipts do not exceed Rs. 50 lakhs in a financial year.
The following professionals are eligible to take advantage of the presumptive taxation scheme under section 44ADA:
Resident Individuals: Resident individuals who are engaged in specified professions such as legal, medical, engineering, architectural, accountancy, technical consultancy, interior decoration, or any other profession notified by the government.
Hindu Undivided Families (HUFs) and Partnership firms(Other than LLP) that are engaged in the above-mentioned professions are also covered.
Hindu Undivided Families (HUFs) and Partnership firms(Other than LLP) that are engaged in the above-mentioned professions are also covered.
However, it is important to note that if an individual opts for the presumptive taxation scheme under section 44ADA, he/she will not be allowed to claim any deduction under sections 30 to 38 of the Income Tax Act.
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