can a ca/lawyer having income from other small business having turnover less than rs.2 crore file ITR under presumptive tax scheme, and if yes under what section it applies.
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Presumptive tax filing by a lawyer/ca for income from bus.
Replies (3)
Yes, any eligible trading / business.... u/s. 44AD with minimum 8/6% profit margin (answered as per IT act, but subject to code of conduct prescribed for members of ICAI or bar council)
Yes, he / she can, provided the said business is eligible.
As per section 44ADA Resident Assessee engaged in profession is eligible for presumptive Taxation
Gross Receipts Up to 50 Lakhs
PGBP income should be 50% of Gross Receipts
Gross Receipts Up to 50 Lakhs
PGBP income should be 50% of Gross Receipts
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