Income tax under 44AD

394 views 5 replies

I am an online educator and my company has provided my earnings by deducting TDS under 194JB. 
So should I file ITR under 115BAC (New Tax Regime)?

Also under the head of Income u/s 44AD, what percentage should I consider for showing as income. Should we consider 50% or 30% or is there any standard recommendation to be followed. 

pls guide. 

Replies (5)
1. Yes, you can file ITR 4 u/s. 44ADA IT act, with minimum 50 % profit.
Thank you for your prompt help sir. I have also read that 8% & 6% can also be shown under cash and bank generated income respectively. Am I eligible to do in that way also..?
As your TDs deduction is u/s. 194JB, you cannot opt for sec. 44AD where 6/8% profit margins are allowed.
Thank you sir for your advise. My auditor suggested me to consider 30% as income, in place of 50% as you mentioned above, as my overall taxable income was slightly crossing the tax slab. Would it be fine to consider 30% this way?
I would not agree to it as the TDS section 194Jb will not allow it, The return will be defective.

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