Professional income

As per section 44ADA, your 50% of the income is taxable under presumptive taxation

Hi

Option 1-

Taxable income would be your total income as reduced by the expenses that you have incurred.

Option 2-

Under section 44ADA, presume your income to be 50% of the total receipts.

If you are eligible professional for Section 44ADA, 50% of your gross receipt will be your taxable income and that income will be taxed based on the slab rate.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com

Yes. It is valid for AY 2017-18.

You don't need any proof for expenses.

Yes. It can be revised.

Feel free to call/revert in case of query or help.

Hi,

Yes, you can revise your return and claim the benefit of section 44ADA.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LL.B

Hello,

Why did he file 80% as income ?

Yes, you can revise the return but it will unnecessarily attract scrutiny.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

You can do so but it's not advisable to show the income very low as compare to exempt income.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com