Presumptive Taxation Query
Aakash Ramani (28 Points)
21 March 2023
is beauty parlour/salon service's gross receipts would be shown under section 44AD or 44ADA??
Aakash Ramani (28 Points)
21 March 2023
CA Rakesh Ishi
(Working at Private Company)
(8200 Points)
Replied 21 March 2023
Section 44ADA of the Income Tax Act provides a similar presumptive taxation scheme for professionals, including beauticians and salon service providers. Under this section, eligible professionals can declare their income based on a presumptive rate of profit of 50% of their gross receipts.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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