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  2. cleartax.in › s › section-44adaSection 44ADA – Presumptive Tax Scheme for Professionals

    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.

  3. taxguru.in › income-tax › professionals-eligible-optProfessionals who are eligible to opt Section 44ADA - Tax Guru

    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.

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  5. taxguru.in › income-tax › list-professions-optList of Professions that cannot opt for presumptive taxation ...

    Jun 22, 2022 · An individual or a partnership firm (not Limited Liability Partnership) whose total gross receipts for the year don’t exceed INR 50 Lakhs are eligible to opt for the presumptive taxation scheme covered u/s 44ADA of the Income Tax Act.

  6. taxguru.in › income-tax › section-44ada-presumptiveUnderstanding Section 44ADA: Presumptive Tax for Professionals

    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.

  7. groww.in › p › taxSection 44ADA - Presumptive Tax for Professionals - Groww

    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.

  8. learn.quicko.com › section-44ada-income-taxSection 44ADA: Presumptive Taxation for Profession

    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.

  9. cleartax.in › s › presumptive-taxation-under-sec-44Presumptive taxation under Sec 44AD, 44AE and 44ADA for ...

    Jun 7, 2024 · Presumptive taxation schemes to relieve small taxpayers are provided under Section 44AD, 44ADA and 44AE. While Section 44ADA is for professionals Section 44AD and 44AE concerns small business taxpayers. Let us understand them in detail.