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Jun 5, 2024 · Budget 2023 update amended Sec 44AD & 44ADA, revised presumptive taxation limits, mandatory bookkeeping rules, tax audit criteria, due dates, benefits of presumptive taxation, TDS by foreign clients, and income tax filing guidelines for businesses, professionals, and freelancers.
Jun 5, 2024 · Section 44ADA provides a presumptive taxation scheme for small professionals with annual gross receipts under Rs 75 lakhs. The section was introduced to simplify taxation for specified professionals, allowing 50% of gross receipts as presumed income.
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.
Section 44ADA of Income Tax Act is a presumptive tax scheme for professionals. Know more about its objectives, eligibility, rates, benefits, and exemptions.
Nov 30, 2023 · Under Budget 2016, the finance minister introduced the presumptive taxation scheme for specified professionals under Section 44ADA of the Income Tax Act. FY 2016-17 onwards, a professional with gross receipts up to INR 50 lacs can take the benefit of presumptive taxation under Section 44ADA.
Jul 27, 2018 · Certain professionals referred to in section 44AA(1) of the Income Tax Act whose total gross receipts from profession does not exceed Rs. 50 lakhs in a financial year. Who are the eligible professionals?
Apr 12, 2024 · 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. Before 2016, the benefits of Presumptive Taxation were only given to Businesses under Section 44AD and to Transporters under Section 44AE.
