income tax

 It is a debatable issue in view of contradictory reference of sections in 44ADA (1) and 44ADA (2).

The standalone interpretation of section 44ADA (2) reveals that- the deductions of salary to working partner and interest to any partner would be allowed from the profit or gain calculated at 50% or more of the gross receipts.

However, the sequential and logical reading of section 44ADA (1) reveals non applicability of any of the provisions of section 28 to 43C (which includes sections 40(b) (iv) and 40(b) (v)).

This clearly means that, taxable profit or gain of profession will be equal to 50% or more of total gross receipts for the assessee not willing to go for tax audit.

As far as Section 44ADA ............ is applicable from AY 2017-18.............. not available for earlier years.....