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specified person in U/s 44ADA of income tax act
Is there any specifed person in U/s 44ADA of income tax plz tell me.
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An assessee, being a resident in India, who is engaged in a profession referred to in sub-section (1) of section 44AA and whose total gross receipts do not exceed fifty lakh rupees in a previous year
The section refers to specified profession, and not specified person.
plz tell me the specified profession
and hobby and tution classes under in this section or not
As per section 44AA following professions are notified as specified profession:
- Legal
- Medical
- Engineering
- Architectural
- Interior decoration
- Accountancy
- Technical consultancy
- Film artists(anyone engaged as a professional in the film industry)
The Central Board of Direct Taxes is free to add professions to this list.
Hobby and tution classes under fall under Non-specified Professions, which requires to keep books of accounts.
If the business is carried on with legal compliance, the income from the same can be assessed u/s. 44AD.
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