MBA working as a Consultant - Applicability of 50% Presumptive taxation under Sec 44ADA
This query is : Resolved
30 January 2022
Hello,
My husband has recently joined an NBFC finance company as a Consultant. He is an MBA and his services are related to Trade Finance and Business Management Consultancy. He has 25+ years of experience in his field.
I have two questions:-
1. Can his profession be classified as a 'Technical Consultancy' under Sec 44 AA (1)? If yes, is he supposed to maintain books of accounts?
2. Is he allowed to take benefit of 50% Presumptive taxation under Sec 44ADA (Code-16013)?
Regards
My husband has recently joined an NBFC finance company as a Consultant. He is an MBA and his services are related to Trade Finance and Business Management Consultancy. He has 25+ years of experience in his field.
I have two questions:-
1. Can his profession be classified as a 'Technical Consultancy' under Sec 44 AA (1)? If yes, is he supposed to maintain books of accounts?
2. Is he allowed to take benefit of 50% Presumptive taxation under Sec 44ADA (Code-16013)?
Regards
31 January 2022
yes, you can file the return u.s 44ada for fees for rendering technical services. if you opt 44ada, then no need to maintain books of accounts as per the provisions of Section 44ADA.
31 January 2022
Thank you very much.
Regards
Regards
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