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Presumptive tax u/s 44ada
In recent budget, presumption taxation on professional income is introduced @ 50% of professional fees. I am working in a group of companies in Vadodara. I get professional fees from two companies and salary from other two companies. My COI consists of salary income, professional income, interest income etc. My question is whether I can offer 50% of my professional fee income for taxation separately apart from taxable salary and interest income??
Replies (3)
Yes,in my opinion you can offer 50% of your professional receipts under head PGBP u/s 44ADA provided your professional receipt is not in the nature of salary and TDS if any is deducted under sec 194J
Thank you Sir for opinion. Yes, I get professional fees net of TDS u/s 194J. My concern was that can I go for sec 44ADA evenif I have other source of income like salary and interest apart from professional income??
Yes in my opinion you can opt for 44ADA even if you have incomes under other heads of income.
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