megha Aggarwal (157 Points)
08 December 2021
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178068 Points)
Replied 08 December 2021
NOT MANDATORY TO OPT FOR SEC. 44ADA.
YOU CAN DECLARE THE INCOME UNDER NORMAL ASSESSMENT IN ITR3
BUT REFER TO SEC. 44AB(d), YOU NEED TO DECLARE AT LEAST 50% PROFIT MARGIN, IF YOUR PROFESSION IS ELIGIBLE FOR SEC. 44ADA.
megha Aggarwal
(157 Points)
Replied 08 December 2021
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178068 Points)
Replied 08 December 2021
Yes, it is still applicable over partnership firm. Only HUF has been removed from the act...
megha Aggarwal
(157 Points)
Replied 08 December 2021
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178068 Points)
Replied 08 December 2021
If the business code that was specified in ITR do not relate to sec. 44ADA, then it OK.
CAclubindia
