Presumptive Scheme Section 44ADA Eligibility Profession turnover < 50 Lakh then 50% on the total gross profit receipts will be not considered as taxable income.
1) How service professionals (service providers) will calculate turnover. For example, if a doctor's fee is 100 per patient multiplied by 10 patients per day multiplied by 365 then 3,65,000 is his total annual fee, and then add expenses of building rent and others of 1,00,000 so does this turnover will be considered 4,65,000 and profit will be 3,65,000?
2) Does the presumptive scheme for professionals (44ADA) work for a 5-year span? because
3) What if for the first financial year turnover was below 50 lakhs but next year it was more than 50 lakhs so the presumptive scheme will be violated as we can’t use a similar calculation to what we use with u/s44AD as in this u/s 44ADA it is 50% of actual profit is considered as taxable? so How this will work out?
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