Who is eligible to take advantage of the presumptive taxation scheme of section 44ADA?
Subject
FAQs on Tax on Presumptive Taxation Scheme
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