44ADA
This query is : Resolved
aditya mohan
(Querist)
08 April 2017
My client is a pensioner and also working as a contract employee. Pension income comes under 'income from salaries' while contract payment comes under 'Income from Profession' for which Presumptive Scheme of taxation is applicable.He is asking about the eligibility for 50% deduction towards expense in respect of contract receipt as per Section 44 ADA? Which Income Tax Return Form is applicable in this case
CA R SEETHARAMAN
(Expert)
09 April 2017
Check TDS on contract payment is deducted u/s 194j and the profession is eligible for 44ADA deduction. If eligible file new form ITR 4.
09 April 2017
Only Professions specified in Section 44AA are eligible for presumptive taxation u/s 44ADA
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