If assessee turnover exceed 2 crore or total income exceed 50 lakh they cant file itr 4 Question is whether Assessee will be eligible for presumptive taxation or not ?
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Presumptive taxation available or not ?
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Quick Summary
Which Types of Assessees are Covered Under Section 44ADA of the Income Tax Act, 1961?
The professionals eligible to opt for the Presumptive Taxation Scheme under Section 44ADA are required to belong to one of the following professions as mentioned here:
- Engineers
- Legal services
- Architecture
- Accountants
- Medical services
- Technical consultants
- Interior Decorators
- Any other Professionals as specified by the Central Board of Direct Taxes (CBDT)
Under the rules specified in this section, these are the professionals who are beneficiary of Section 44ADA as long as their annual income does not exceed Rs. 50 lakhs. It is also important to mention that Section 44ADA under the Presumptive Taxation Scheme is only applicable to residents who are Individuals, Hindu Undivided Families (HUF) or Partnerships excluding Limited Liability Partnership (LLP) and Limited Liability Partnership Firms.
If the turnover exceeds the tax audit limits , then ur not eligible for presumptive taxation!. In this case ur not eligible for presumptive taxation!
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