Section 44ADA
The presumptive taxation scheme of Section 44ADA is applicable for certain professionals who have a total gross income of up to Rs. 50 lakhs in a financial year. This scheme is available to the following professionals:
1.Resident individuals
2.Resident Hindu Undivided Families (HUFs)
3.Partnerships with resident partners
However, professionals who have income from any profession which includes income from more than one profession, income from speculative business, or income from agency business cannot opt for the presumptive taxation scheme under Sec. 44ADA. It is a declaration of presumptive income.
For more information to Visit: https://www.incometax.gov.in
For further details access our website: https://vibrantfinserv.com