If a professional is covered under 44ADA as per income tax and have reciept of around Rs 8-10 Lakh .
Q1: Is it mandatory to opt for 44ADA?
Q2. If due to intial year of growth profit is less than 50%, then is it mandatory to have tax audit?
Please provide any option to save small professional from tax audit.
professional is covered under income tax list of 44ADA
@ prasad i am waiting for reply. you have shown interest in Question.
Due to your reply , the question is not in the list of 'unanswered query', hence none of other professional has answered it.
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If a professional is covered under 44ADA as per income tax and have receipt of around Rs 8-10 Lakh . Not Mandatory, ..... but profit margin should be = or > 50% (i.e. deemed margin) As per sub-section 44ADA(4) ........ Yes, provided ...... 'and whose total income exceeds the maximum amount which is not chargeable to income-tax' ........ Please provide any option to save small professional from tax audit. No need for audit, when your total income do not exceed BEL !!! |
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Chirag N Shah & Associates
Mumbai
CA Inter
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