Nitin Jain (28 Points)
22 June 2017I am filling out my return as per presumptive taxation under Section 44ADA.
As per the theory, "A person who adopts the presumptive taxation scheme is deemed to have claimed all deduction of expenses"
Section 24 pertains to deduction for Interest for Home Loan, which is not "business expense". However, I can't find any place in the Utility to fill out value for deductions under Section 24.
Kindly advise.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178301 Points)
Replied 22 June 2017
Section 44ADA and section 24(b) are both independent of each other.
There is no restriction to avail house loan interest deductions to professionals adopting presumptive assessment. Get help of TRP to solve the issue, at least first time.
Nitin Jain
(28 Points)
Replied 22 June 2017
| Originally posted by : Dhirajlal Rambhia | ||
 |
Section 44ADA and section 24(b) are both independent of each other. There is no restriction to avail house loan interest deductions to professionals adopting presumptive assessment. Get help of TRP to solve the issue, at least first time. |
 |
Thank you sir. However, there is no column in ITR-4 where I can enter the value corresponding to Section 24, or Interest on Home Loans.
How can I claim if the ITR form itself down not have this option ?
Many Thanks
PRABIR PAUL
(*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.)
(1443 Points)
Replied 22 June 2017
Yes you are correct there is no option.
So you don't have any other option to declare it.
You should declare it after deduction (only taxable vaule after deduction).
CAclubindia
