| Question And Answer | |
|---|---|
| Subject: | Gross receipts declared rs:25 lacs or rs:20 lacs as per sec 44ada f.y.24-25 |
| Category: | Income-Tax |
| Querist: | kollipara sundaraiah |
| Answered by: | Law Intern |
| Tags: | Presumptive Income, Presumptive taxation |
| Date: | April 15, 2025 |
sir,
A Doctor Gross receipts income rs:25 lacs and personal expenses rs:5 lacs and A Doctor is not maintained account records for professional expenses
Increases value Assets f.y. 24-25 rs: 10 lacs
Decreases value liabilities f.y. 24-25 rs: 5 lacs
Personal expenses rs:5 lacs f.y. 24-25
Question:
A Doctor Gross receipts show amount rs:25 lacs or rs :20 lacs declared for itr return purposes.
A Doctor Gross receipts income rs:25 lacs and personal expenses rs:5 lacs and A Doctor is not maintained account records for professional expenses
Increases value Assets f.y. 24-25 rs: 10 lacs
Decreases value liabilities f.y. 24-25 rs: 5 lacs
Personal expenses rs:5 lacs f.y. 24-25
Question:
A Doctor Gross receipts show amount rs:25 lacs or rs :20 lacs declared for itr return purposes.
The doctor should declare gross receipts of ₹25 lakhs for ITR purposes. Declaring ₹20 lakhs would be incorrect, as personal expenses (₹5 lakhs) cannot be deducted from gross receipts, and under-reporting could lead to penalties. Given no records of professional expenses are maintained, the doctor can opt for Section 44ADA, declaring ₹12.5 lakhs (50% of ₹25 lakhs) as taxable professional income without needing books of accounts.
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