Can a professional claim Income on presumptive basis ?
Tax Expert 1
Earlier, professionals were kept out of the ambit of section 44AD. However, in Budget 2016, new section 44ADA has been introduced extending the scope of this section to professionals having gross receipts of less than Rs.50 lakhs. But in case of such professionals, they will have to disclose at least 50% of their gross receipts ( and not 8 % of their gross receipts) as profit and pay tax thereon.
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