Presumptive tax for business as well as for profession


Chartered Accountant

 

Hi Friends,

Person having business as well as profession , can he opt for presumptive tax U/s. 44AD as well as U/S. 44ADAA  for same financial year. Please let me know.

 

Best Regards,

Nagaraju

 
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Chartered Accountant

Yesss both section can be availed
 
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banswara

Yes you can claim.

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(TAX CONSULTANTS - AUDITORS)

Yes...
A Assessee can avail the both sections if his business and Profession is eligible under the sec 44AD and 44ADA....
 
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Chartered Accountant

Thank you so much. If Business turnover is around 1.8 crore  and professional gross revenue is around 40 lakh, both together will be more than 2 crore, I hope still they can claim under both sections 44AD and 44ADA


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banswara

No. This sections available up to gross receipts of 2 crore only, so you are compulsory required to get your accounts audited.

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Autodidact/Curious

Originally posted by : CA Rashmi Gandhi
No. This sections available up to gross receipts of 2 crore only, so you are compulsory required to get your accounts audited.


As per my understanding separate upper threshold  limits are available for separate presumptive sections .. Bussiness and Profession are two distinct activities so an assesse can claim/avail upto 200 Lakhs  turnover limit  (for eligible Bussiness under 44AD) + 50 lakhs turnover limit (for eligible profession under 44ADA )  ..BOTH at the same time without audit requirements .... 

P.S :  If any one knows about some specific circular/official FAQ regarding this issue then please share ......... 


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(TAX CONSULTANTS - AUDITORS)

Yes... I agreed to Mr Saifullah Khalid.,

A Assessee Can avail both sections related ceiling limit as per law. In sec 44AD the limit not exceeding Rs 2cr and Sec 44ADA not exceeding Rs 50L. So, He can avail Rs. 2.5cr as per above...

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banswara

Audit is compulsorily required as your turnover exceeds Rs.1 crore.

Limit of 2 crore is for opting. Sec 44AD

.

 
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(TAX CONSULTANTS - AUDITORS)

Yes... If it's exceed above 2cr (u/s 44ad) then audit is compulsory...

Yes... If it's exceed above 50L (u/s 44ada) then audit is compulsory...

As per above query both values are not exceeding the limit as per the sections...

So,
Audit is not required as per sec 44AD and 44ADA...

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