Section 44ADA of IT ACT (Professional Income )
This query is : Resolved
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09 July 2020
Sir,
If a person adopts resumptive taxation scheme under section 44ADA (Professional income ) but he opts out of this scheme in any subsequent five years as he is no more having professional income OR he has left profession ,then what are consequesces.
Is there is no requirement to meet up with continuity of 5 years in case of presumptive professional income u/s 44ADA as is applicable and required in case of presumptive business income u/s 44AD.
Pls guide.
If a person adopts resumptive taxation scheme under section 44ADA (Professional income ) but he opts out of this scheme in any subsequent five years as he is no more having professional income OR he has left profession ,then what are consequesces.
Is there is no requirement to meet up with continuity of 5 years in case of presumptive professional income u/s 44ADA as is applicable and required in case of presumptive business income u/s 44AD.
Pls guide.
09 July 2020
Five years requirement etc is not applicable for 44ADA.
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