If a person have two professions,
Can he avail 44ADA two professions separately ?
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Two Professions
Replies (9)
Section 44ADA APLICABILITY:
One cannot have two professions simultaneously.
One cannot have two professions simultaneously.
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 ?
Only thing is whether 44ADA is applicable profession wise or in total based on turnover ?
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
Turnover in total shall be considered.
However separate option is eligible for 44AD and 44ADA if the turnover falls within the limit
Can the business & profession both are allowed ?
Read Sec 44ADA .
Is business related Section 44ADA ?
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.
Can you please elaborate the question. Is it a case where total income exceeds 50 lakh from both combined ?
Hope one business and one profession is allowed with separate presumptive taxation
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