12 April 2014
MY QUERY IS CAN PROFESSIONAL (LIKE CHARTERED ACCOUNTANT, LEGAL PROFESSIONAL ) CAN DECLARE THEIR INCOME UNDER SECTION 44AD IN PRESUMPTIVE BASIS.
PLEASE EXPLAIN IN DETAIL, BECAUSE IN ITR 4S IN BUSINESS CODE THERE IS OPTION FOR THIS PROFESSIONAL ARE GIVEN
12 April 2014
No, Because of Section 44AD clearly indicating "Section 44AD doesn't applicable to the professionals" and Chartered accountants comes under the category of professionals.
and the business codes in the ITR forms contains in general Way, because of IT Department no designed ITR for each specific basis etc...
So while considering and filing of return of income you have to consider the provisions of the Income tax but not the contents of the ITR forms.
12 April 2014
@Mitul Shah yes,as per my view based on the present section 44AD for F&O business section 44AD applicable and has to offer minimum income of 8% on the gross margin(i assuming you have an idea in the case of F&O business how to compute turnover).
Yes, for the calculation of turnover i have to take sum of all favourable & unfavourable differences. If it is not a proper way then plz guide how to come at turnover for the purpose of sec. 44AD?
12 April 2014
Yes, the turnover you said is correct. However for clarification if one transaction has favourable of Rs.5 and another transaction has unfavourable of Rs.3 then turnover is Rs.8(i think you said also this is turnover)
02 October 2021
For specified professionals like Doctors, engineers etc. there is presumptive income u/s. 44ADA; where in minimum 50% margin is required to be declared as profit.