It should be 44ADA and under 16012
Presumptive taxation: 44AD or 44ADA
I provide equity research / industry research services. I believe I can use presumptive taxation for my income. I want to know whether this comes under 44AA(1) or not in order to determine whether I can use 44AD (more beneficial as the income is 6% of turnover) or file under 44ADA. What would be right business head for my income - 16012 (Market research and public opinion polling), 16019 (Other professional services n.e.c.) or 14010 (Other computation related services n.e.c.) or something else? Is there a possibility that it gets classified under 16005 (Engineering and technical consultancy) in which case 44ADA will be applicable. Thanks
Asked 4 years ago in Income Tax
Do you have a vocational degree for providing such service.
Based on the above details do you issue bill as consultation charges or you charge fees as commission?
If you have any vocational training this could fall under technical consultancy and if you don't charge commission.
You can use 16019 code.
Hope you find the information helpfull if you do please rate it 5 and in case of any further discussion you can book consultation.
Thank you
- Yes you can avail the benefit of presumptive taxation scheme if you are resident and gross receipts is within the limits of the section. You can avail the benefit u/s 44AD.
Hello,
You can declare it under Sec. 44AD presumptive taxation scheme.
Regards,
CA Hunny Badlani
In my opinion, you will not be eligible for section 44ad. However you can opt for section 44ada.
The selection of business head is a subjective exercise and based on the information provided by you, I feel code 16012 seems more appropriate.
No, it cant be classified as engineering or technical services
You will be covered under 44ADA. You can classify under 16019.
16012 seems to match the nature of the work well. I came across two places there 16012 is mentioned as being covered under 44AD. https://www.winmansoftware.com/files/Business_Profession_Nature.pdf https://ctconline.org/wp-content/uploads/pdf/2020/seminar-presentation/income/[deleted]-Issues-Presumptive-taxation.pdf Is there a comprehensive official list of what is covered in 44AD and what is under 44ADA?
Asked 4 years ago
you can select business code 16012. primary question is whether you can avail section 44AD or 44ADA?. business code is secondary.
No not as such
According to me 16012 relates more to market survey of some product or something like that.
There is no such list and one needs to go with its interpretation and understanding.
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