Presumptive applicable for advocates profession

This query is : Resolved

Kesavan (Querist)
Follow

19 March 2014 Hi Experts,

I am having Advocate profession and my total receipts is 12 laks P/A i am eligible for presumptive at 8%

thank advance

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

19 March 2014 1. Persons carrying on LEGAL profession are PROFESSIONALS.

2. Section 44AD (presumptive income) is NOT applicable to professionals.

3. Accordingly you CANNOT claim benefit of Section 44AD and you CANNOT declare income @ 8%.

4. You have to maintain books of accounts and file ITR 4.