If a person have two professions,
Can he avail 44ADA two professions separately ?
Section 44ADA APLICABILITY:
One cannot have two professions simultaneously.
9 Replies
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 27 March 2022
Due partnership allowed between different professionals, more than one profession and more than one business is very much possible..
Only thing is whether 44ADA is applicable profession wise or in total based on turnover ?
Only thing is whether 44ADA is applicable profession wise or in total based on turnover ?
CA Surya Sekar
(CFO )
(1347 Points)
Replied 27 March 2022
But you can't avail 44ADA for each profession.
Turnover in total shall be considered.
However separate option is eligible for 44AD and 44ADA if the turnover falls within the limit
Turnover in total shall be considered.
However separate option is eligible for 44AD and 44ADA if the turnover falls within the limit
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 27 March 2022
Can the business & profession both are allowed ?
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 27 March 2022
Is business related Section 44ADA ?
JJJ
(Need help)
(675 Points)
Replied 27 March 2022
It's definitely possible - and common - to have more than one business / profession / house / dog / job!
But when it comes to taxes, unfortunately, the income needs to be combined.
I presume you are looking at someone who has over 25 lakh income from each of the two professions? If so then both need to be added and that will probably mean no presumptive at all.
I can't reference a rule (almost definitely no such rule exists) but there seems to be no such option in the returns.
ALAMELU.N.N
(student)
(258 Points)
Replied 27 March 2022
Can you please elaborate the question. Is it a case where total income exceeds 50 lakh from both combined ?
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 28 March 2022
Hope one business and one profession is allowed with separate presumptive taxation
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