Sec 44aa(1) covers retainership fees of an individual?
This query is : Resolved
14 March 2018
Hi Experts,
Please advise if Sec 44AA(1) covers retainership fees earned by an individual from a company. Earlier the individual was an employee of a company. After retirement, as per company policy, the individual is treated as full time consultant (Retainer) and a fixed amount of Rs. 100000 p.m. is paid. I just want to know if he can take benefit of section 44ADA (Presumptive Taxation).
Thanking you in anticipation
Ramesh
Please advise if Sec 44AA(1) covers retainership fees earned by an individual from a company. Earlier the individual was an employee of a company. After retirement, as per company policy, the individual is treated as full time consultant (Retainer) and a fixed amount of Rs. 100000 p.m. is paid. I just want to know if he can take benefit of section 44ADA (Presumptive Taxation).
Thanking you in anticipation
Ramesh
Nikhil Kaushik
(Expert)
14 March 2018
applicability of 44ADA is dependent on the tax payer's profession. mere retainership is not sufficient for 44ADA presumptive taxation
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14 March 2018
Thanks Sir for the prompt response. It would be helpful if you can elaborate what kind of professions are covered under the term "eligible profession u/s 44AA(1)".
Nikhil Kaushik
(Expert)
14 March 2018
they are already listed in the section itself...plus a few professions related to movie industry
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