Professional can take benefit u/s. 44ADA turnover limit extent to 10 cr
This query is : Resolved
06 April 2023
Can professionals declare lower profit (below 50%) under section 44ADA without getting audit u/s. 44AB turnover up to 10 crores? Like other than professional u/s. 44AD where gross receipts of more than 95% are digitally received.
let's take an example:
A professional has a gross business receipt of Rs. 2.50 cr wherein cash receipts are less than 5% and profit declared 60 Lakhs under section 44ADA, so is it allowable?
kindly guide me
let's take an example:
A professional has a gross business receipt of Rs. 2.50 cr wherein cash receipts are less than 5% and profit declared 60 Lakhs under section 44ADA, so is it allowable?
kindly guide me
06 April 2023
No. Both the schemes are different.
If professional declare less than 50% profit margin, tax audit u/s. 44AB(d) of IT act, is mandatory. (even if both cash receipts & cash expenditures be less than 5%).
If professional declare less than 50% profit margin, tax audit u/s. 44AB(d) of IT act, is mandatory. (even if both cash receipts & cash expenditures be less than 5%).
06 April 2023
Thank you so much sir
06 April 2023
You are welcome.
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