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44 ada

Tax queries 466 views 19 replies
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Freelancer
24 Points Posted on 28 September 2017

 

 

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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On 28 September 2017 at 11:54 Report
Replies (19)
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Managing Partner at TAXounting
8742 Points Posted on 28 September 2017
your profit is 1350000 or 135000
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On 28 September 2017 at 12:12
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Managing Partner at TAXounting
8742 Points Posted on 28 September 2017
Are you individual?
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On 28 September 2017 at 12:13
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"Do the Right Thing...!!!"
128152 Points Posted on 28 September 2017

@ Masum.,

What is your exact income...?

Teaching income Rs 420000 and what is other source for the Total Income...?

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On 28 September 2017 at 15:04
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1234 Points Posted on 28 September 2017
I think if you have paid 8% presumptive tax then no need I guess
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On 28 September 2017 at 17:19
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Managing Partner at TAXounting
8742 Points Posted on 28 September 2017
Dear Ashwin Ji,
For profession 50% is presumptive profit u/s 44ADA
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On 28 September 2017 at 17:23
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student
31 Points Posted on 28 September 2017
but teaching business not covered under definition of professional
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On 28 September 2017 at 19:48
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300 Points Posted on 28 September 2017
44ada applicable to only specified profession so teaching not cover in such list
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On 28 September 2017 at 21:49
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300 Points Posted on 28 September 2017
44ad apply to business only
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On 28 September 2017 at 21:50
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300 Points Posted on 28 September 2017
so you can show profit as per book of accounts
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On 28 September 2017 at 21:51
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"Do the Right Thing...!!!"
128152 Points Posted on 28 September 2017
@ Mr. Yash Chawda.,
What is your exact reply related above said query....?
It is under 44ad or 44ada...?
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On 28 September 2017 at 22:07
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300 Points Posted on 28 September 2017
both does not apply
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On 28 September 2017 at 22:08
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300 Points Posted on 28 September 2017
show profit as per your books
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On 28 September 2017 at 22:08
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300 Points Posted on 28 September 2017
https://m.economictimes.com/wealth/tax/tax-queries-does-teaching-profession-qualifies-for-presumptive-taxation-at-50/amp_articleshow/57887440.cms
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On 28 September 2017 at 22:09
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300 Points Posted on 28 September 2017
44ada - apply to specified profession ( teaching not covered)
44ad- apply to business ( not profession )
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On 28 September 2017 at 22:11


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