Presumptive taxation scheme(sec.44ad)

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Querist : Anonymous

Querist : Anonymous (Querist)

13 December 2014 What are the conditions for assessee carrying both business& profession.can he opt under this scheme.Suppose his Turnover is 70 lacs and Gross Receipts is 50 lacs for A.Y. 2014-15.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 December 2014 For business as his turnover is 70 lacs he can opt for 44ad. For profession normal provisions of income tax apply.

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Querist : Anonymous

Querist : Anonymous (Querist)

13 December 2014 but y can't for profession

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 December 2014 Yes y can't for profession.

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Querist : Anonymous

Querist : Anonymous (Querist)

13 December 2014 can't he opt 44AD for both?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 December 2014 For profession 44AD is not applicable.

Querist : Anonymous

Querist : Anonymous (Querist)

13 December 2014 what are you saying...it is for both

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 December 2014 It is not for both........

Querist : Anonymous

Querist : Anonymous (Querist)

13 December 2014 can an assessee declare higher profit under this section

Amol S Joglekar

Amol S Joglekar (Expert)
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13 December 2014 Please read section 44AD. It is NOT applicable for PROFESSION.

The provisions of this section, notwithstanding anything contained in the foregoing provisions, shall not apply to—

(i) a person carrying on profession as referred to in sub-section (1) of section 44AA;

(ii) a person earning income in the nature of commission or brokerage; or

(iii) a person carrying on any agency business.]

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 December 2014 Asessee can declare higher profit under this section.

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