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  1. www.paisabazaar.com › tax › section-44adaSection 44ADA – Presumptive Tax Scheme for Professionals

    May 20, 2024 · Here are the key objectives of Section 44ADA under the Presumptive Taxation Scheme: To simplify the tax system for small self-employed professionals. To reduce the tax compliance burden on self-employed professionals. To ease the process of doing business for self-employed professionals. To create parity between small businessmen covered under ...

  2. taxguru.in › income-tax › presumptive-taxationPresumptive Taxation Scheme under Section 44ADA - Tax Guru

    Dec 14, 2020 · The Scheme of Presumptive Taxation for Professionals was introduced under Section 44ADA in the Finance Act 2016 and is applicable from Financial Year 2016-17 onwards. Need for Introduction of Section 44ADA. Before 2016, the benefits of Presumptive Taxation were only given to Businesses under Section 44AD and to Transporters under Section 44AE.

  3. www.fisdom.com › section-44ada-income-taxSection 44ADA – Presumptive Tax for Professionals - Fisdom

    Aug 5, 2023 · The new limits are Rs.3 crores for MSMEs and Rs.75 lakhs for professionals if they have received less than 5% of their total income in cash. However, if more than 5% of their annual receipts are in cash, then the old limits of Rs 2 crs and Rs 50 lakhs will apply. Eligible professionals under section 44ADA

  4. learn.quicko.com › nature-of-business-andNature of Business and Profession Codes - Learn by Quicko

    Feb 20, 2024 · ITR-4 – Taxpayers having income from business or profession and opting for Presumptive Taxation Scheme u/s 44AD or 44ADA are not required to maintain books of accounts and should file ITR. Hence, the taxpayer should select the correct codes and the category under which the business or profession can be classified from the drop-down list.

  5. scripbox.com › tax › section-44ada-of-income-tax-actSection 44ADA Of Income Tax Act – Presumptive Tax Scheme

    Oct 24, 2023 · Section 44ADA Presumptive Taxation For Professional Individual. Sec 44ADA aims to provide a simplified taxation scheme to professional taxpayers with gross receipts of less than Rs 75 lakhs in a financial year. This limit has been extended from Rs 50 lakhs to Rs 75 lakhs. Furthermore, the cash receipts should not be more than 5%.

  6. taxguru.in › income-tax › presumptive-taxationPresumptive Taxation Scheme For Professionals-Section 44ADA ...

    Jul 1, 2021 · A person resident in India engaged in following professions can take advantage of presumptive taxation scheme of section 44ADA: –. 1) Legal. 2) Medical. 3) Engineering or architectural. 4) Accountancy. 5) Technical consultancy. 6) Interior decoration. 7) Any other profession as notified by CBDT.

  7. www.caclubindia.com › articles › presumptivePresumptive Taxation Scheme under Section 44ADA - CAclubindia

    Dec 10, 2020 · In case of a person engaged in a specified profession as referred in sections 44AA (1) and opts for presumptive taxation scheme of sections 44ADA, the provision of sections 44AA relating to maintenance of books of account will not apply. In other words, if a person opts for the provisions of section 44ADA and declares income @50% of the gross ...