I'm a independent professional and my income is less than 50 lakhs. I'm eligible for 44ADA but I have one query, If my expense is about 20% and my profit is about 80%, am I still eligible for 44ADA and can claim 50% profit?
Is there such rules like I must have at least 40% expense to avail 44ADA benefit or anyone regardless of their expense (even if it's 5%) can can claim 50% profit under 44ADA?
Thanks!