ICICI

can I use section 44ADA in following income


mihir joshi   24 July 2019

mihir joshi

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if I have profit from LTCG and STCG and income from rent , can I choose section 44ada ?

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RAJA P M ("Do the Right Thing...!!!")     24 July 2019

RAJA P M
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No... It's not under the purview of 44ADA.

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Y GOPI REDDY (GREAT POLITICAL LEADER)     24 July 2019

Y GOPI REDDY
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No the mentioned incomes are not business /professional incomes
u have to file in ITR-2

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Suresh Thiyagarajan (Student)     24 July 2019

Suresh Thiyagarajan
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1. Sec 44ADA is a presumptive taxation scheme available to the assessee's who are engaged in the profession specified u/s 44AA. 
2. In your case, it is a Capital gains and it cannot be considered as a profession even if buying and selling of shares is your main profession. 
3. Hence, in your case sec 44ADA cannot be opted. 
Please correct me if the above solution has an alternative view. 

mihir joshi   24 July 2019

mihir joshi

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my main profession is IT consultant but rather than IT I have these income also now what is the rule for section 44ada

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Suresh Thiyagarajan (Student)     24 July 2019

Suresh Thiyagarajan
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1. If you don’t have any receipt from your IT consulting profession sec 44ADA will be irrelevant for you. 
2. If you do have a receipt then sec 44ADA can be availed. It is important to note that sec 44ADA is only for profession income and it will be restricted towards income in the nature of the profession. 
3. You don't need to worry about sec 44ADA if you don't have professional receipts from IT consultation. 
Please correct me if the above solution has an alternative view. 

mihir joshi   24 July 2019

mihir joshi

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I have receipt of IT but under STCG income from IPO not more than that so now I can opt Section 44 ADA or not ?

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Suresh Thiyagarajan (Student)     24 July 2019

Suresh Thiyagarajan
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Your Choice. It is an optional scheme. If you find it beneficial, you can avail or you can pay tax under the normal provision.

mihir joshi   24 July 2019

mihir joshi

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my query is only that if I have STCG and rent income with my professional income can I use presumptive income scheme?

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