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Two Professions

122 views 9 replies

Eswar Reddy S

CFO- at NHTF

58275 Points Joined August 2012

If a person have two professions,

Can he avail 44ADA two professions separately ?

Replies (9)

sabyasachi mukherjee

27876 Points Joined May 2017

Section 44ADA APLICABILITY:
One cannot have two professions simultaneously.

Eswar Reddy S

CFO- at NHTF

58275 Points Joined August 2012

Due partnership allowed between different professionals, more than one profession and more than one business is very much possible..

Only thing is whether 44ADA is applicable profession wise or in total based on turnover ?

CA Surya Sekar

CFO

1347 Points Joined March 2020

But you can't avail 44ADA for each profession.

Turnover in total shall be considered.

However separate option is eligible for 44AD and 44ADA if the turnover falls within the limit

Eswar Reddy S

CFO- at NHTF

58275 Points Joined August 2012

Can the business & profession both are allowed ?

sabyasachi mukherjee

27876 Points Joined May 2017

Read Sec 44ADA .

Eswar Reddy S

CFO- at NHTF

58275 Points Joined August 2012

Is business related Section 44ADA ?

JJJ

Need help

680 Points Joined November 2021

It's definitely possible - and common - to have more than one business / profession / house / dog / job!

But when it comes to taxes, unfortunately, the income needs to be combined.

I presume you are looking at someone who has over 25 lakh income from each of the two professions? If so then both need to be added and that will probably mean no presumptive at all.

I can't reference a rule (almost definitely no such rule exists) but there seems to be no such option in the returns.