Presumptive taxation scheme(sec.44ad)

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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.

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

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Querist : Anonymous (Querist)
13 December 2014 but y can't for profession

13 December 2014 Yes y can't for profession.

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 December 2014 can't he opt 44AD for both?

13 December 2014 For profession 44AD is not applicable.

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

13 December 2014 It is not for both........

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Querist : Anonymous

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

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.]

13 December 2014 Asessee can declare higher profit under this section.


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