Income from profession (doctor)
This query is : Resolved
18 July 2016
If a doctor earning Rs.20,00,000 from his profession he is bound to conduct audit his accounts or not.
i) There is any specific section like 44AD is there for doctors or not for AY 2016-17.
ii) If not then the tax audit limit is Rs.25,00,000 for professional if income is below 25 lakh what would do?
i) There is any specific section like 44AD is there for doctors or not for AY 2016-17.
ii) If not then the tax audit limit is Rs.25,00,000 for professional if income is below 25 lakh what would do?
19 July 2016
For the purpose of a person carrying on the profession (which includes doctors), the amount of gross receipts is Rs. 25 lakhs for AY2016-17. From assessment year 2017-18 it will be Rs. 50 lakhs.
S. 44D is used for the person who does not want to maintain books of accounts and want to compute the income on estimate basis and it includes medical professionals.
S. 44D is used for the person who does not want to maintain books of accounts and want to compute the income on estimate basis and it includes medical professionals.
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19 July 2016
Section referred is 44ADA and not 44D.
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19 July 2016
Thank you sir for reply me, Dear Mr.B.Chackrapani Warrier ji 44ADA is applicable from AY 2017-18 I am asking for AY 2016-17 whether 44AD is applicable for carrying profession like Doctor or not.
Dear Madam firstly thanks for reply, you are saying 44AD is applicable for carrying profession if it is applicable why IT Dept introduced 44ADA from AY 2017-18. I am confused.......
Dear Madam firstly thanks for reply, you are saying 44AD is applicable for carrying profession if it is applicable why IT Dept introduced 44ADA from AY 2017-18. I am confused.......
19 July 2016
Section 44AD is not applicable for doctors (Professional Income) for AY 2016-17.
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20 July 2016
If any doctor has income below 25 lakhs in a financial year what would do?
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