44ad

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BIBIN (Querist)

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)

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)

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)

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)

24 June 2016 u/s 44ADA will applicable from the F Y 2016-17.

Amol S Joglekar

Amol S Joglekar (Expert)

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)

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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