Income u/s 44AD ??

If its not a Auditable case i.e. turnover<60 Lacs than its a case of presumptive taxation (sec 44AD)

Yes my account doesn't need an auditing. but what's presumptive taxation? 

Has my ITR been filed under correct section?   

Yes its filed correctly.

dont worry return is filed correct

Sorry friend,

I think the return filed is incorrect, becuase you are a professional and the tax audit limit for you would be Rs. 15 lakhs,

and the Sec.44AD benefit has only been given to the business income and not professional income..

Correct me if i m wrong...

44AD is applicable in case of both business & profession

44AD is applicable only for business and not for profession. Its clearly define in Income tax act. The nature opf transaction i.e. freelancer photographer is deemed to be a profession under the income tax act coz its requires a speacialised skills.

The gist of section 44AD is as follows which applicable only foir business

 ²⁶ [ ²⁷ Special provision for computing profits and gains of business on presumptive basis.

44AD. (1) Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an eligible assessee engaged in an eligible business, a sum equal to eight per cent of the total turnover or gross receipts of the assessee in the previous year on account of such business or, as the case may be, a sum higher than the aforesaid sum claimed to have been earned by the eligible assessee, shall be deemed to be the profits and gains of such business chargeable to tax under the head “Profits and gains of business or profession”.

  (b)  “eligible business” means,—

       (i)  any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and

      (ii)  whose total turnover or gross receipts in the previous year does not exceed an amount of  ²⁸ [sixty lakh rupees].]

thus , profession would not cover under this and hence u cant enjoy the benefits of section 44AD.

regards,

Manoj 

Thanks Manoj.... and my friend Milan,

Please refer the Section 44AD properly, the benefit is only available to the business and not profession....

@ Vikas, Manoj

Thanks for this info. Kindly pls help me as in what should i do next, I can answer you in PM if you need to know anything specific. Pls help me out, I'll be obliged.

Regards

Andy

Hey,

Can anyone please suggest me something. How can i now go for revision.?

44AD applies only for business income not profession.