Eligiblity for 44ad for professionals
I am a freelance writer working from home and providing content to websites located abroad. My earnings are in US Dollars and are converted by my bank into INR. I have a couple of questions:
1. Am I eligible to compute my income u/s 44AD, now that it has been expended to include professionals?
2. Am I liable for charging Service Tax if my receipts exceed Rs.10 Lakh
Thanks,
Mahendra Naik
Replies (3)
You can opt section 44ADA for presumptive scheme..And yes in that case you will come Under service tax..
Contact to me on my cell 99241 95661
Hi
you might be a professional in general, but not specifically for the purpose of tax....tax law has defined who all r professionals..u r not inlcuded...so ur income falls under business income...you CAN opt for presumptive taxation...if gross receipts exceed 10 lacs, u r liable for service tax....
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