#About 44ADA
I am a doctor and my sources of income are
1.Professionals receipts
2.Capital gains from investment
3.rental income.
4.Hononorium for conducting clinical surveys.
My total income from all above sources is below 50 lacs.
My queries are-
1.Can I opt for the 44ADA section since some part of income is sources other than profession like rental income and capital gains.?
2.Do I need to keep any books of accounts?
3.While filing returns do I need to show in detail the income from various sources or just need to mention the amount in front of the respective income head?
Till now I was availing service of CA,and he was filing my returns but I need to keep accounting books,various ledgers etc which was cumbersome for me as I own a small clinic with limited staff so the majority of accounting things were needed to do by myself.
I wish to keep it simple and keep away from the stress of keeping books.
Thanks.
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About 44ADA
Replies (1)
1. Yes
2. Maintaining books of accounts is not mandatory but recommendatory as it will be helpful when the receipts cross 50 lakhs and audit becomes applicable to you.
3. Capital gain require details of sale and purchase. Business 44ADA requires total receipts, debtors, creditors, stock and cash balance.
PS : Audit is applicable if your professional receipts cross 50 lakhs. I am assuming your receipts and consequently income is less than 50 lakhs.
Email : raj @ rcdco.in
R C D & Co.
Chartered Accountants
Kandivali West, Mumbai
2. Maintaining books of accounts is not mandatory but recommendatory as it will be helpful when the receipts cross 50 lakhs and audit becomes applicable to you.
3. Capital gain require details of sale and purchase. Business 44ADA requires total receipts, debtors, creditors, stock and cash balance.
PS : Audit is applicable if your professional receipts cross 50 lakhs. I am assuming your receipts and consequently income is less than 50 lakhs.
Email : raj @ rcdco.in
R C D & Co.
Chartered Accountants
Kandivali West, Mumbai
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