EASYOFFICE

ITR3 option

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Eswar Reddy S

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 16 June 2022

Is Presumptive Taxation limit 10 crores ?
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CA Rashmi Gandhi

CA Rashmi Gandhi (Chartered Accountant) (86313 Points)
Replied 16 June 2022

Only if cash transactions are less than 5%

Eswar Reddy S

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 16 June 2022

If all transactions are by online modes then 10 crores is the limit for 44AD & 44ADA ?

CA Rashmi Gandhi

CA Rashmi Gandhi (Chartered Accountant) (86313 Points)
Replied 16 June 2022

Only for 44AD

Eswar Reddy S

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 16 June 2022

How much is 44ADA turnover limit if all transactions are by online mode ?

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CA Rashmi Gandhi

CA Rashmi Gandhi (Chartered Accountant) (86313 Points)
Replied 16 June 2022

For that it is 50 lakhs only

Eswar Reddy S

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 16 June 2022

Is there any possibility for reduction of 50% profit to lower levels like 30% , 20% since many startup professionals going through losses or less than 50% profits but don't want to go for Audit

CA Rashmi Gandhi

CA Rashmi Gandhi (Chartered Accountant) (86313 Points)
Replied 16 June 2022

No possibility you have to get your account audited only

Eswar Reddy S

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 16 June 2022

Will a start up makes 50% profits ?

Is it reasonable?

CA Rashmi Gandhi

CA Rashmi Gandhi (Chartered Accountant) (86313 Points)
Replied 16 June 2022

Even if not you have to declare u/s 44ADA

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Eswar Reddy S

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 16 June 2022

Minimum 50% ?

CA Rashmi Gandhi

CA Rashmi Gandhi (Chartered Accountant) (86313 Points)
Replied 16 June 2022

Yes.... minimum 50%

Eswar Reddy S

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 16 June 2022

👍🏻👍🏻


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