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Eligibility of 44ADA if Turnover in Previous FY is 1 crore and Present FY is under 75L

Tax queries 128 views 4 replies

anonthink

Individual

38 Points Joined June 2023

If a professional earned 1 crore in the previous FY and is earning less than 75L in the present FY, can he opt for 44ADA?

I heard that if turnover exceeds 1 crore in the previous FY, then he cannot opt for 44ADA in the present FY even when his gross receipts are under the 75L limit. Hence the confusion

Replies (4)

As under the section 44ADA the limits are for Current year only there is no mention about the previous turn over hence you can opt if it is within the purview of 44ADA( 75 Lakhs turnover limit is subject to minimum 95% digital payments)