Can a person engaged in a profession as prescribed under section 44AA(1) adopt the presumptive taxation scheme of section 44AD?

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NIRAJ ASHOK DAVE 1 month 1 Answer 12 views 0

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  1. A person who is engaged in any profession as prescribed under section 44AA(1)​ cannot adopt the presumptive taxation scheme of section 44AD.​

    However, he can opt for presumptive taxation scheme under section 44ADA​ and declare 50% of gross receipts of profession as his presumptive income. Presumptive Scheme under section 44ADA​​ is applicable only for resident assessee whose total gross receipts of profession do not exceed fifty lakh rupees.

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