Section 44ADA- Provisions for computing profits and gains of profession on presumptive basis

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..... hose total gross receipts do not exceed 50 lakh rupees in the PY, then 50% of such receipts, or higher sum earned by the assessee shall be deemed to be the profits and gains of such profession chargeable under head PGBP. From AY 2024-25:- in case of an assessee where the amount or aggregate of the amounts received during the previous year, in cash, does not exceed 5% of the total gross receipts of .....

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..... e to opt for Presumptive Taxation Scheme under Section 44ADA : Engineering Legal Architectural profession Accountant Medical Technical consultant Interior business Other notified professionals such as authorized representatives, film artists [ Refer explanation (c) of Rule 6F of Income Tax Rules ] Film artist means any person engaged in his professional capacity in the production of a cinematograp .....

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..... date 21.08.2008 ] Sports Persons, Umpires and Referees, Coaches and Trainers, Team Physicians and Physiotherapists, Event Managers, Commentators, Anchors, and Sports Columnists., company secretaries and profession of information technology. - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management India - taxmanagementindia - taxmanagement - taxmanagemen .....

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