Sec 44aa(1) covers retainership fees of an individual?

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Ramesh (Querist)
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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

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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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Ramesh

Ramesh (Querist)
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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

Nikhil Kaushik (Expert)
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14 March 2018 they are already listed in the section itself...plus a few professions related to movie industry

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