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

Tax queries 340 views 4 replies
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Individual
56 Points Posted on 12 June 2024

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

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On 12 June 2024 at 08:30 Report
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4156 Points Posted on 12 June 2024
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)
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On 12 June 2024 at 09:05
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Individual
56 Points Posted on 12 June 2024

Thanks for clarification, Khush.

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On 12 June 2024 at 10:10
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Profession Business
28207 Points Posted on 12 June 2024
Put your issue correctly
44 Reply
On 12 June 2024 at 10:26
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4156 Points Posted on 12 June 2024
@ sabyasachi plz reply correctly
2 Reply
On 12 June 2024 at 10:38


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