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sec 44ADA presumptive taxation
As per section 44ADA presumptive taxation, only 50% of the gross total receipts is taxable when total grid receipts are less than Rs 50 lakhs. Does that mean balance 50% which is not taxable has to be mandatorily spent by the assessee? What if the assessee is not able to spent entire 50% and he still taking benefit of presumptive taxation section 44ADA benefit? Will that unspent amount will be liable to tax again?
Replies (9)
Unspent amount not liable to tax
Minimum is 50%. one can show more if it is
Is there any clarification given anywhere that it is not taxable?
sir under 44ADA actual or 50% whichever is more is taxable
Some people in fraternity believes that if 50% which is not taxable need to be spent mandatorily.. If not spent than will be taxable
it's not so
It is a Presumptive Income Tax. If you are calculating all Income and Expenditure then Better do Audit and Give Income Tax According to that.
The presumptive arrangement made for ease business and profession. If you are opting for Presumptive Income then you are accepting that you Income is 50% (in Profession).
It is a Presumptive Income Tax. If you are calculating all Income and Expenditure then Better do Audit and Give Income Tax According to that.
The presumptive arrangement made for ease business and profession. If you are opting for Presumptive Income then you are accepting that you Income is 50% (in Profession).
good clarification and information
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