Namaste, Can you please help me with a doubt on 44ADA which says that Gross income should be less than 50 Lacs. Should "Gross Income" include regular salary and bank-interest etc, for the same assessee or does this refer to professional income only? For example my income is from two sources A) Salary - Rs 48-Lacs p.a B) Professional IT consultancy - Rs 9-Lacs p.a With above figures, can I opt for ITR-Form-4 and 44ADA presumptive income, showing only 50% profit from professional income. ? Thanks very much for your reply.
Hello,
With regard to Sec. 44ADA, gross income refers to gross receipts from the profession. It won't include the regular salary and bank interest.
Yes, you can opt for ITR-4 44ADA Presumptive Taxation.
For a detailed resolution of your query, you can contact us directly or take a phone consultation.
Regards,
CA Hunny Badlani
How do I contact you directly, Can you please share ENail id?
Dear Sir,
Hope you are doing well !!
It refers to only professional income i.e. Rs 9 lacs.
Yes, you can take the benefit of 44ada and file ITR form 4.
We may assist you in entire procedure.
It is advisable to take a phone consultation for detailed discussion.
Hi
The limit of 50 lacs on gross receipts is in relation to the professional receipts only. It does not include salary, interest or any other income.
Yes, you can opt for 44ADA for 9 lacs of income.
Hi
Yes your understanding is absolutely correct you can opt for ITR 4
We may assist you in filling
Please have a phone consultation for details discussion.
Your income crosses 50 lacs. You cannot opt for presumptive taxation. It includes the total income.
- Gross receipts for the purpose of section 44ADA means professional income from specified profession. It does not include income from salary, bank interest.
- You can opt section 44ADA for income from IT consultancy and file ITr-4.
Hello taxpayer,
Section 44ADA applies only to your professional income and not to salary or bank interest income.
Best Regards,
It talks about gross receipts i.e. gross receipts do not exceed fifty lakh rupees.
Gross receipts means receipt from your profession.
Yes you can opt.
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Thank you
Hi. Thanks for the question.
44ADA is only for selective professions. Accordingly, it is not applicable to salary.
