Amit Goel (Chartered Accountant) (375 Points)
26 July 2018If a professional is covered under 44ADA as per income tax and have reciept of around Rs 8-10 Lakh .
Q1: Is it mandatory to opt for 44ADA?
Q2. If due to intial year of growth profit is less than 50%, then is it mandatory to have tax audit?
Please provide any option to save small professional from tax audit.
prasad Nilugal
(3914 Points)
Replied 26 July 2018
Amit Goel
(Chartered Accountant)
(375 Points)
Replied 26 July 2018
professional is covered under income tax list of 44ADA
Amit Goel
(Chartered Accountant)
(375 Points)
Replied 01 August 2018
@ prasad i am waiting for reply. you have shown interest in Question.
Due to your reply , the question is not in the list of 'unanswered query', hence none of other professional has answered it.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 01 August 2018
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If a professional is covered under 44ADA as per income tax and have receipt of around Rs 8-10 Lakh . Not Mandatory, ..... but profit margin should be = or > 50% (i.e. deemed margin) As per sub-section 44ADA(4) ........ Yes, provided ...... 'and whose total income exceeds the maximum amount which is not chargeable to income-tax' ........ Please provide any option to save small professional from tax audit. No need for audit, when your total income do not exceed BEL !!! |
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