What is Section 44ADA Scheme for professionals
Last updated at Dec. 16, 2024 by Teachoo
Chapter 6 Business Income-Proprietorship
Are Proprietorship and Proprietor Same OR Different
You are here
You are here
Courses
Free Income Tax Certification Course
- Chapter 1 Introduction
- Chapter 2 Different Heads of Income
- Chapter 3 Different ITR Forms & Due Dates
- Chapter 4 Income Tax Rates
- Chapter 5 Income from Salary & Deductions
-
Chapter 6 Business Income-Proprietorship
- Chapter 7 Business Income-Patnership
- Chapter 8 Income from House Property
- Chapter 9 Income from Capital Gain
- Chapter 10 Employee on Contract
Transcript
Section 44ADA Scheme for Professionals If Turnover of Profession upto 50 Lacs No Need to do Accounting or Audit Direct 50% of Gross Receipts is Profit (Cash+Bank) Example Turnover 400000 Profit 50% 200000 Tax 0 (No need to Maintain Books or Accounting) Can Person Show More than 50%? Yes Person can show More than 50% also Suppose he shows 80% Cash Sales 400000 Profit 320000 Tax 8500 Rebate 8500 Can person show Less than 50% No, this Scheme is not applicable For this Proper Accounting and Audit is Required
