Section 44ADA of Income Tax Act 1961

Section 44ADA

The Government has also inserted section 44ADA after section 44AD in Income Tax Act 1961 w.e.f. 1st April 2017. This presumptive taxation scheme of section 44ADA is introduced to give relief to small taxpayers engaged in the specified profession. Professionals whose total gross receipts are not more than Rs. 50 lakhs in a financial year can claim benefit under this section from the financial year 2016-17 onwards. Section 44ADA of Income Tax Act 1961 Objectives of section 44ADA are such as reduction in compliance burden of small professionals, simplify the…

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