Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Section 44ADA

Dimple Patel (Student CA Final ) (75 Points)

22 August 2018

Is Section 44ADA applicable on Companies carrying on specified profession??

Reply
Follow
Share

12 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (167415 Points)
Replied 22 August 2018

No.

2 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Dimple Patel (Student CA Final ) (75 Points)
Replied 22 August 2018

How can you say so?? I mean there is no where specifically written it's applicable to Individual, HUF and Partnership as written in 44AD

Vinod sharma (article) (26 Points)
Replied 22 August 2018

I think it doesn't matter whether the co. is carried out specified profession or not the main objective to introduce 44ADA is that u have to shown at least 50% income of ur t/o cap (50l) if assessee contended that profit is below deemed profit then u have to go for tax audit 44AB.

(Guest)

Professionals whose Total Gross Receipts do not exceed more than Rs. 50 Lakhs in a financial year can claim benefit of this Section from Financial Year 2016-17 onwards. This scheme is applicable only to a resident assessee who is an Individual, HUF or Partnership but not a Limited Liability Partnership firm.

(Guest)

Agreed with Shri Dhirajlal Rambhia

Upgrade to CAclubindia Pro. Subscribe Now!

Ankita Chachan (practitioner) (548 Points)
Replied 22 August 2018

A company can opt for Sec 44ADA.

It clearly say any person resident in India can take advantage of sec 44ADA.

CA Bhavik Soni (867 Points)
Replied 22 August 2018

there is restrictions on llp and company to opt 44ADA

RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 22 August 2018

As per sec 44ADA no more specified Companies can't opt the sec. It's stated as Resident Assessee...

Based on presumptive Taxation no need Books of Accounts u/s 44AA...

As per companies act All companies incorporated in India are required to mandatorily maintain book of accounts under the Companies Act, 2013. In addition, the Companies Act, a company registered in India will also be mandated by the Income Tax Act to maintain records.

As per my View.,

No way for escaping witout Books of Accounts fot Comapanies...

CA P V N Varma (CA ) (609 Points)
Replied 22 August 2018

I think RAJA P M view is correct

Dimple Patel (Student CA Final ) (75 Points)
Replied 22 August 2018

Do I need to get tax audit u/s 44ADA done if the Company is carrying specified profession u/s 44ADA and we declare profit less than 50%

Upgrade to CAclubindia Pro. Subscribe Now!

(Guest)

If profit less than 50%than tax audit applicable

(Guest)

MCA UPDATE 😊 ■ MCA has extended the last date of filing DIR -3KYC without any filing fees upto 15/09/2018 from 31/08/2018. ■ The fees of ₹5,000/- shall be applicable & payable on all delayed filings w.e.f 16/09/2018.