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 ?
Audit Executive (B.Com) (53 Points)
22 May 2020If 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 ?
Asha Kanta Sharma
(Manager - Finance & Accounts)
(10534 Points)
Replied 22 May 2020
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:
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.
jashwanth
(CA-PRACTICE)
(400 Points)
Replied 22 May 2020
CAclubindia
