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
14 March 2018
applicability of 44ADA is dependent on the tax payer's profession. mere retainership is not sufficient for 44ADA presumptive taxation
Message likes :
1 times
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)".
14 March 2018
they are already listed in the section itself...plus a few professions related to movie industry
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- TDS Challan Code
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Rent lease agreement
- Merchant Export Accounting
- Agriculture income or business income
- Internship/Academic shown in Salary Pay Slip of a Doctor
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
