Presumptive Income under Section 44ADA
This query is : Resolved
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ashish marwah
(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.
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.
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.
ashish marwah
(Querist)
17 June 2024
thank you very much sir
17 June 2024
You are welcome.
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