Section 44ADA of the Income Tax Act provides a presumptive taxation scheme for certain professionals. It allows eligible individuals to tax on 50% of their gross income calculated as per the provision of the Income Tax Act. Eligible professional income under section 44ADA less than ₹50 lakhs (the limit is revised to 75 Lakhs w.e.f.… Continue reading Understanding Section 44ADA of the Income Tax Act
Section 44AD is a presumptive taxation scheme that was introduced by the Income Tax Act, 1961 in order to ease the tax burden on small taxpayers or assessee. Section 44AD provides a way to calculate tax on gross receipts. Tax under Section 44AD is calculated at 8%/6% of the gross turnover of the assessee for… Continue reading Demystifying Section 44AD: A Guide to Presumptive Taxation
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