Income from profession

If Professional Gross Receipts exceed Rs 15lac the provisions of Sec shall be applicable

Chartered Accountant comes under Profession. Therefore the Gross Turnover limit for Audit is Rs. 15 Lakhs. Also Section 44AD is not applicable for Professionals. He shall have to maintain books of Accounts and have to file ITR - 4. 

Regards,

Devendra Kulkarni

Sec 44AD applyz 2 both for Business as wel as for Profession.

In case of Business- turnover >60lacs.

In case of Profession- Gross Receipt>15lacs.

this sec applies to every assessee irrespective of whether d assessee is individual or a body corporate..

Hi,

Section 44AD applicable for only Business not for profession. So this section does nt apply to Chartered Accountants in practice.

Refer Section 44AD attached.

Hi Kirti Singh

Chartered Accountants are comes under Profession. Therefore the Gross Turnover limit applicable on profession for Audit is Rs. 15 Lakhs. Also Section 44AD is not applicable for Professionals because sec 44 AD is apply only on businessman. He shall have to maintain proper books of Accounts and have to file ITR.

sec 44-AD apply 

if professional receipts exceeds 15 laks  and business turnover exceed 60 lakhs

Agreed with all above.

Agree with devendra..........

Dear All,

Pls. Consider this Example:-

Rent 150,00,00 Per Month

Service Tax @ 10.3% i.e. 154500

Total Rent 165,45,00

Which Amount is applicable for deducting of TDS on Rent @ 10%

On Basic Value 15L or Total Value of Rent With ST

Pls. Suggest

U/s 194 I TDS on rent u are not liable to deduct TDS on gross amount i.e 1654500 u should deduct TDS on rent amount i.e 1500000, but this is onle for the case of TDS on rent but in any other payment u have to deduct TDS on gross amount including service tax.

 As per IT circular in case of rent, TDS would be deducted on amount including of service tax. but in case of professionals the circular is silent therefore if the rofessional charges the service tax in his invoice, then the TDS would be deducted on the basic invoice value excluding of service tax,

Dear All 

section 44AD applies if professional receipts exceeds 15 laks  and business turnover exceed 60 lakhs. 

In Light of the above provision 

Please advise Receipt from GRAPHIC DESIGNING SERVICE ( Creating Logo, Designing Photo)

will cover under " Professional Receipts" or "Business Receipts".