Professional Income u/s 44ADA
This query is : Resolved
27 December 2020
Respected Sir
My Friend is doctor , and his gross receipt is around 15 lakhs Rs. if i File ITR u/s 44ADA then i have to show minimum 50% profit ,
but if i don't opt 44ADA and choose ITR 3 then also i have to show minimum 50% Profit ??
My Friend is doctor , and his gross receipt is around 15 lakhs Rs. if i File ITR u/s 44ADA then i have to show minimum 50% profit ,
but if i don't opt 44ADA and choose ITR 3 then also i have to show minimum 50% Profit ??
27 December 2020
In such a case no need to show 50% profit but you need to maintain books of accounts and tax audit applicable.
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27 December 2020
Yes if you don't want tax audit than apply 50% MINIMUM PROFIT gross receipts you can file itr 3 or Itr 4 but income should be 50% for non audit case .
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29 December 2020
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