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This query is : Resolved

BIBIN (Querist)
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20 June 2016 I am a bug attacker, i.e., IT consultant who finds issues in various websites and report to owner. In return I am getting lump sum amount based on my report. Now I want to file my IT return. Can I file it under section 44 AD? My income is Rs. 12 Lacs for FY 2015-16. Please reply asap.

Amol S Joglekar

Amol S Joglekar (Expert)
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20 June 2016 yours is a case of profession. From next year you can go for 44ADA. This year, however, you can file on similar lines....

Rupesh Jain

Rupesh Jain (Expert)
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21 June 2016 your income consider as professional, you have to maintain the books of a/c . for F Y 2016-17 you can file return and declare the 50% of income of you receipts

BIBIN

BIBIN (Querist)
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24 June 2016 Thanx for your response.
But i am very well informed about latest amendment in Budget 2016 about section 44 ADA.
But I want to know about what if I earned income in FY 2015-16?

Rupesh Jain

Rupesh Jain (Expert)
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24 June 2016 u/s 44ADA will applicable from the F Y 2016-17.

Amol S Joglekar

Amol S Joglekar (Expert)
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25 June 2016 The very fact that the new section has come from financial year 2016-17 means IT was not there for financial yer 2015-16. What you can do is you may file the return for the financial year on the similar lines........

Amol S Joglekar

Amol S Joglekar (Expert)
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25 June 2016 so much so, it also suggests that your case does NOT fit well into the existing section 44AD.

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