Can an individual who earns as fees from professional services can opt for both new tax regime under section 115 BAC and section 44ADA for presumptive income from profession while filing IT return?
b (na) (56 Points)
12 November 2021Can an individual who earns as fees from professional services can opt for both new tax regime under section 115 BAC and section 44ADA for presumptive income from profession while filing IT return?
b
(na)
(56 Points)
Replied 12 November 2021
| Originally posted by : Dhirajlal Rambhia | ||
 |
Yes. Why Not? |
 |
This is because new tax regime under section 115 BAC does not allow bills and hence once new tax regime under section 115 BAC is applied that may not allow applying section 44ADA as section 44ADA also does not require bills.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 12 November 2021
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 13 November 2021
What do you mean by 'not require bills'?
b
(na)
(56 Points)
Replied 14 November 2021
| Originally posted by : CMA Poornima Madhava | ||
|
What do you mean by 'not require bills'? | |
If an individual applies for new tax regime under section 115 BAC , then that individual need to produce bills for HRA, bills for medial expenses, bills for food coupons and any other bills along with a document showing investment under section 80C. That is indicated by bills in 'not require bills'.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 25 November 2021
U/s 44ADA, we compute income (not income tax). So, I think, you can compute income u/s 44ADA and pay tax as per section 115BAC.
To know more about 115BAC, you may refer the link:
https://youtu.be/0HYh4oNVjwo
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
CAclubindia
