My friend who is BSC DMLT and not Doctor running Clinical pathology lab who used to purchase reagents and kits for testing. Is his Lab comes under business or profession?
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(185439 Points)
Replied 29 August 2019
Profession; can opt for Sec. 44ADA of IT act...
Kapadia Pravin
(17264 Points)
Replied 29 August 2019
it's under profession income.
under code - 18005
Your friend can opt section 44ADA presumptive taxation under which no books of account required. ( subject to Gross Receipts below 50 lakhs)
under code - 18005
Your friend can opt section 44ADA presumptive taxation under which no books of account required. ( subject to Gross Receipts below 50 lakhs)
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