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Jul 12, 2024 · Section 44ADA is a special provision for calculating the taxable income for small professionals in certain circumstances. Section 44ADA was introduced to extend the scheme of simplified presumptive taxation to specified professionals.
May 16, 2022 · Discover which professionals are eligible to opt for Section 44ADA under the Income Tax Act. Learn about the classification of professionals, including Specified and Unspecified categories. Explore the list of professionals specified under Section 44AA(1) and understand the eligibility criteria for Section 44ADA.
Sep 20, 2023 · Section 44ADA of the Income Tax Act provides a unique Presumptive Taxation Scheme (PTS) tailored for professionals. This scheme simplifies tax calculations and compliance for eligible professionals, ensuring ease of doing business.
Jul 27, 2018 · Section 44ADA is inserted after section 44AD of Income TAx Act, 1961 with effect from financial year 2016-17 and provides Special provision for computing profits and gains of profession on presumptive basis for Certain professionals referred to in section 44AA (1) of Income Tax Act whose total gross receipts from profession does not exceed Rs ...
Section 44ADA is applicable to resident assessees. Therefore, you can file income tax returns under Section 44ADA. Section 44ADA of Income Tax Act is a presumptive tax scheme for professionals. Know more about its objectives, eligibility, rates, benefits, and exemptions.
Jul 10, 2024 · If you opt for presumptive taxation under Section 44AD, your net income is considered as 8% of your turnover and you will pay tax on that income. If your receipts are in digital (non-cash) form then only 6% of your receipts is your net income and you will pay tax on that income.
Nov 30, 2023 · Section 44ADA. Last updated on November 30th, 2023. The presumptive taxation scheme for professionals is designed to ease the burden of small taxpayers, sparing them from the intricate task of maintaining detailed books of account.
