Answers On Topic: Presumptive taxation
  Professionals taxation
sir, Whether A Professional Can Report Income Less Than 50% Of Gross Receipts In Their Income-Tax Return If They Maintain Proper Books Of Account And Without Tax Audit Report


► Read Answer

  receipts
Mr A has not withdrawn any rupee from bank after receiving Rs 50 lacs in bank . What is his income u/s 44ADA ? Mr B has not withdrawn any rupee from bank after receiving Rs  2.9 cr  in bank . What is his income u/s 44AD ?


► Read Answer

  Applicability of Section 44AD
I am engaged in the activity of collecting pathology test samples from customers and transporting them to Golvilkar Metropolis Health Services Pvt. Ltd. for further processing. I am neither a qualified medical practitioner nor does I perform any diagnosis, analysis, or consultation. My role is limited to logistical support. I am just providing logistical or support activity in the medical field and does not make the assessee a professional under section 44ADA. Kindly provide the case law.


► Read Answer

  44 ad taxpayer
sir, I PROPRIETORSHIP BUSINESS. I WANT TO KNOW ABOUT IN PRESUMPTIVE sec 44ad TAX CAN SHOW SALARY TO WIFE OR SON OR DAUGHTER.


► Read Answer

  Gross receipts declared rs:25 lacs or rs:20 lacs as per sec 44ada f.y.24-25
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.


► Read Answer

  tax audit applicable
For FY 23-24 - Turnover Rs 1.50 Cr. Showed 15% Profit. Filed ITR 4. In FY 24-25 - Turnover Rs 90 Lakh. Ready To Prepare PL And BS Fully And File ITR 3 With Full Disclosure. Profit 15%. Should The Client Do Audit In FY 24-25?


► Read Answer

  Section 68 and 44AD
The assessee is an individual engaged in the retail trade business. He has offered the income u/s 44AD by applying net profit rate at 10% of gross receipts of Rs. 15,10,125/-. For A.Y 2015-16, on the basis of information that assessee has deposited cash of Rs.8,70,500/- in bank. In response to notice u/s 148, the assessee has stated this cash is deposited out of his business receipts of Rs. 15,10,125/- and which is more than cash deposited in savings bank and therefore no addition on account of unexplained cash deposit in the bank account can be made. The AO has…


► Read Answer