VEMULA NAGARAJU (Chartered Accountant) (138 Points)
16 April 2018
Hi Friends,
Person having business as well as profession , can he opt for presumptive tax U/s. 44AD as well as U/S. 44ADAA for same financial year. Please let me know.
Best Regards,
Nagaraju
CA Shreya Jagani
(Chartered Accountant)
(242 Points)
Replied 16 April 2018
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 16 April 2018
VEMULA NAGARAJU
(Chartered Accountant)
(138 Points)
Replied 16 April 2018
Thank you so much. If Business turnover is around 1.8 crore and professional gross revenue is around 40 lakh, both together will be more than 2 crore, I hope still they can claim under both sections 44AD and 44ADA
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 16 April 2018
Saifullah Khalid
(Autodidact/Curious )
(633 Points)
Replied 17 April 2018
| Originally posted by : CA Rashmi Gandhi | ||
 |
No. This sections available up to gross receipts of 2 crore only, so you are compulsory required to get your accounts audited. |  |
As per my understanding separate upper threshold limits are available for separate presumptive sections .. Bussiness and Profession are two distinct activities so an assesse can claim/avail upto 200 Lakhs turnover limit (for eligible Bussiness under 44AD) + 50 lakhs turnover limit (for eligible profession under 44ADA ) ..BOTH at the same time without audit requirements ....
P.S : If any one knows about some specific circular/official FAQ regarding this issue then please share .........
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 17 April 2018
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 17 April 2018
Audit is compulsorily required as your turnover exceeds Rs.1 crore.
Limit of 2 crore is for opting. Sec 44AD
.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 17 April 2018
VEMULA NAGARAJU
(Chartered Accountant)
(138 Points)
Replied 17 April 2018
Even 44AB specifies limits separately for business as 2 cr and profession 50 lakh, so I feel not required.
Nikhil Kaushik
(Fellow CA)
(85743 Points)
Replied 17 April 2018
1. 44AB limit is only 1 cr. It is only if you are offering income to tax under 44AD the limit available to you is Rs 2 cr
2. Not sure if the understanding that everyone here has shared is correct. 44AD excludes assessees covered under 44AA(1). so not sure if by virtue of 44AD(6)(1) as 44AA(1) professional can choose 44AD.
CAclubindia
