specified person in U/s 44ADA of income tax act
RAHUL WADHWANI (STUDENT) (289 Points)
03 June 2017
Is there any specifed person in U/s 44ADA of income tax plz tell me.
RAHUL WADHWANI (STUDENT) (289 Points)
03 June 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(169061 Points)
Replied 03 June 2017
An assessee, being a resident in India, who is engaged in a profession referred to in sub-section (1) of section 44AA and whose total gross receipts do not exceed fifty lakh rupees in a previous year
The section refers to specified profession, and not specified person.
RAHUL WADHWANI
(STUDENT)
(289 Points)
Replied 03 June 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(169061 Points)
Replied 03 June 2017
As per section 44AA following professions are notified as specified profession:
The Central Board of Direct Taxes is free to add professions to this list.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(169061 Points)
Replied 03 June 2017
Hobby and tution classes under fall under Non-specified Professions, which requires to keep books of accounts.
If the business is carried on with legal compliance, the income from the same can be assessed u/s. 44AD.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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