Income from Pvt Firm

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This discussion clarifies whether income from accounting services and FDR interest can be declared under presumptive income via Section 44ADA of the Income Tax Act. It confirms that accountancy is a listed profession under Section 44AA, making individuals eligible for Section 44ADA benefits if their gross receipts are below £50 lakhs annually. This allows for a simplified tax filing process.

Dharam Pal

Dharam Pal (Querist)
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28 August 2021 Sir,
My Income from Interest on FDR Rs. 5 Laks approx. and Income of Rs. 60000/- annual from accounts work for filling of GST of GST Return etc. please advise the amount of Rs. 60000/- may be shown in presumptive income under section 44 ADA in income tax return.

Thanks
Dharam Pal
Mob. No. 9810600330

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 August 2021 Yes, you can do that.

SENTHILKUMAR VISWANATHAN

SENTHILKUMAR VISWANATHAN (Expert)
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28 August 2021 The benefits of Sec 44ADA is for the professionals mentioned in Sec 44AA and having the Gross receipts less than 50 lakhs in the previous year. Accountancy ( i.e., Accounting profession) is one of the Profession mentioned in Sec 44AA. Hence you are eligible to avail the benefits of Sec 44ADA.

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