Whether Professionals (as specified u/s 44AA) (whose gross receipt less than Rs.15lacs ) can file return under presumptive income u/s44AD or only small business men (whose TO less than Rs.40lacs) are eligible?
CA J.Alamelu lakshmi
(Chartered Accountant)
(852 Points)
Replied 27 July 2011
44AD does not cover pofession. It relates to Business only whose T/o is below Rs 60 lacs.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
