Applicability of Section 44 ADA of income tax act 1961 and its benefits..
This query is : Open
ROHIT SHEKHAR
(Querist)
11 October 2016
Sir i wanted to know is it fesible to opt for the presumtive income scheme u/s 44 ADA for a professional if the income is around 40L..
And if this is opted do i need to pay advance tax this year...
TIA
CA R SEETHARAMAN
(Expert)
11 October 2016
Yes you can opt for scheme u/s 44ADA. Advance tax payable in one installment on or before 15th March.
ROHIT SHEKHAR
(Querist)
11 October 2016
SIR is it fesible ??
or i should go for tax audit??
CA R SEETHARAMAN
(Expert)
11 October 2016
It is feasible for you and no need of tax audit.
ROHIT SHEKHAR
(Querist)
11 October 2016
Thank you sir...
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