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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.
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 ...
Furthermore, they should find ways to make the most of this tax provision and save more on their annual income from the tax forefront. 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.
May 20, 2024 · What is the Rate of Presumptive Tax Specified by Section 44ADA? The income of professionals covered under Section 44ADA is considered to be 50% of the total gross receipts from profession for the applicable financial year.
