Regarding 44ADA on Business Consultancy services
This query is : Resolved
07 April 2022
I am business man and I have partner of 2 business and director of a company. I have received partners salary and directors salary. My yearly income was approximately 25 lakh. Now I think that , have forming a partnership firm with my family member and issue taxable invoices to these entity as professional business consultant. In this situation can I opt 44ADA for my partnership.
08 April 2022
What is your qualification.
Is it fits in section 44AA professional.
Is it fits in section 44AA professional.
08 April 2022
I have only basic education qualification only. Only a pre degree. But I have good experience in planning and executing business strategies. I am working with these experience.
08 April 2022
You will not fall under professional listed under section 44AA. Hence you can't claim 44ADA option.
08 April 2022
Thank you for your response. Please also clarify that is it only possible to run my business as normal partnership for income tax purpose. Whether there is an option for me for choosing presumptive taxation scheme
08 April 2022
44AD can be opted for your partnership business if it's doing trading in goods and providing contractual services.
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