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can I use section 44ADA in following income

mihir joshi (20 Points)

24 July 2019

if I have profit from LTCG and STCG and income from rent , can I choose section 44ada ?

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8 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 24 July 2019

No... It's not under the purview of 44ADA.

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Y GOPI REDDY (GREAT POLITICAL LEADER) (378 Points)
Replied 24 July 2019

No the mentioned incomes are not business /professional incomes
u have to file in ITR-2

Suresh Thiyagarajan (Student) (3986 Points)
Replied 24 July 2019

1. Sec 44ADA is a presumptive taxation scheme available to the assessee's who are engaged in the profession specified u/s 44AA.
2. In your case, it is a Capital gains and it cannot be considered as a profession even if buying and selling of shares is your main profession.
3. Hence, in your case sec 44ADA cannot be opted.
Please correct me if the above solution has an alternative view.

mihir joshi (20 Points)
Replied 24 July 2019

my main profession is IT consultant but rather than IT I have these income also now what is the rule for section 44ada

Suresh Thiyagarajan (Student) (3986 Points)
Replied 24 July 2019

1. If you don’t have any receipt from your IT consulting profession sec 44ADA will be irrelevant for you.
2. If you do have a receipt then sec 44ADA can be availed. It is important to note that sec 44ADA is only for profession income and it will be restricted towards income in the nature of the profession.
3. You don't need to worry about sec 44ADA if you don't have professional receipts from IT consultation.
Please correct me if the above solution has an alternative view.