44ADA

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dhairya (Querist)
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13 July 2016 If my income is 100000 then how will it be computed in 44ADA? 50% of income?? 50000 will be charged to tax? or my net profit taking into consideration 50000 will be charged??

Amol S Joglekar

Amol S Joglekar (Expert)
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13 July 2016 you have a choice either to go by your actual profit OR follow the provision of section 44ADA

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 July 2016 50000 will be charged to tax.

dhairya

dhairya (Querist)
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13 July 2016 so it will be better na to go as per net profit? as 50% chargeable to tax is very high! and if we go by 44ADA do we need to submit balance sheet and maintain records??

Amol S Joglekar

Amol S Joglekar (Expert)
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13 July 2016 44ADA does NOT ask for books of accounts. So, if you want to go by 44ADA, declare a profit of 50% or more as the case may be

dhairya

dhairya (Querist)
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13 July 2016 thank u sir

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