Dear Professional Colleagues, your esteemed opinion is sought in the following case: A finance professional and owner of a proprietorship firm has fixed income from investments in FDs, bonds, and Capital Gains. This income is declared in ITR3 as an individual under Income from Other Sources and Capital Gains.
In future, can the investment income be declared as proprietorship business income, with application of the provisions of presumptive taxation u/s 44ADA? Does investment income qualify as professional income u/s 44ADA?
Thank you in advance for your response.
CAclubindia
