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Presumptive Income under Section 44ADA

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(Querist)
17 June 2024 Dear Sir/Madam

I am a salaried person . I traded in currency future in FY 23-24 and earned 222000/-. Can I opt for the Presumptive Income under Section 44ADA to save taxes. What are pros and cons of the Presumptive Income under Section 44ADA.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
17 June 2024 You can opt for presumptive assessment u/Sec. 44AD IT act, but you will have to opt for the scheme for next FIVE years mandatorily. Otherwise tax audit will be applicable for the remaining five years.
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ashish marwah

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ashish marwah (Querist)
17 June 2024 thank you very much sir
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
17 June 2024 You are welcome.
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