I'm working as a consultant teacher with a school. Apart from TDS deduction of 10 percent on consultancy fees, I pay 15 percent service tax. So far I have been filing ITR4. From AY 2017-18 Section 44 ADA is introduced for professionals having gross receipts of less than 50 lakh per annum. Am I eligible under this presumptive taxation scheme where I can claim 50 percent expenditure on gross receipts without maintaining any books of accounts? Can I file ITR 4S instead of ITR4 this year?
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For self-employed professionals itr4 or itr 4s?
Replies (5)
WHICH IS BENEFICIAL TO U
U SHOULD CHOOSE THAT
Yes you can provided you gross receipts are less than ₹ 50lakhs.
Teaching is not covered by sub-section (1) of Section 44AA. Therefore 44ADA is not applicable to a consultant teacher.
My TDS is deducted under Section 194J. Although teaching is not explicitly mentioned under section 44 AA (1) but Can I avail presumptive taxation scheme 44ADA as 194J is only for professional services?
TDS u/s 194J is applicable for all professional services, but sec. 44ADA is applicable only to those covered by Sec. 44AA(1). Both are independent sections
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