Presumptive profession

• The decision as to whether this provision is to be adopted or not varies from case to case and the decision depends on the following parameters:

o Quantum of actual expenditure (i.e. not advisable for a professional having small net profit ratio)

o Interest on borrowings

o Depreciation available

o Quality of accounting systems etc.

• Businessmen covered u/s 44AD are permitted to pay the whole of advance tax by March 15. But no such concession is seen vis-à-vis a professional covered under 44ADA. That is to say, all the four installments may be paid.

• There is no provision in section 44ADA permitting a professional firm to deduct interest / remuneration paid to partners from the presumptive income offered.

• Whether or not the professional firm follows Section 44ADA, its partners can opt Section 44ADA with respect to working partners’ salary / interest received from the said firm

What is your qualification? Whether any TDS deducted by clients?

File ITR-4 sugam under code  consultancy (others)

BTW  TDS is deducted umnder which section

194C is contracts and sub contracts

194J  is  professional fees/Tech services

194A is  TDS on other income like FD etc.

As per 26AS whatever income is shown in 194C take under 44AD

Income u/s 194J take under  44ADA fill E3 and E4

income u/s 194A take it in other income.

Fill ITR-4 sugam