My total gross receipt is 420000 form Teaching business as per books of account my total income 1350000 so audit is mandatory for my business ?. because i have shown my total income is less than 50 percent of my total receipt.
Thanks in advance
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44 ada
Replies (19)
your profit is 1350000 or 135000
Are you individual?
@ Masum.,
What is your exact income...?
Teaching income Rs 420000 and what is other source for the Total Income...?
I think if you have paid 8% presumptive tax then no need I guess
Dear Ashwin Ji,
For profession 50% is presumptive profit u/s 44ADA
For profession 50% is presumptive profit u/s 44ADA
but teaching business not covered under definition of professional
44ada applicable to only specified profession so teaching not cover in such list
44ad apply to business only
so you can show profit as per book of accounts
@ Mr. Yash Chawda.,
What is your exact reply related above said query....?
It is under 44ad or 44ada...?
What is your exact reply related above said query....?
It is under 44ad or 44ada...?
both does not apply
show profit as per your books
https://m.economictimes.com/wealth/tax/tax-queries-does-teaching-profession-qualifies-for-presumptive-taxation-at-50/amp_articleshow/57887440.cms
44ada - apply to specified profession ( teaching not covered)
44ad- apply to business ( not profession )
44ad- apply to business ( not profession )
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