Who is eligible to take advantage of the presumptive taxation scheme of section 44ADA?
Subject
FAQs on Tax on Presumptive Taxation Scheme
etds-answer
The presumptive taxation scheme of sections 44ADA can be adopted by a resident assessee being individual or HUF, carrying on specified profession whose gross receipts do not exceed fifty lakh rupees in a financial year. Following professions are specified profession:
- 1) Legal
- 2) Medical
- 3) Engineering or architectural
- 4) Accountancy
- 5) Technical consultancy
- 6) Interior decoration
- 7) Any other profession as notified by CBDT