Answers On Topic: Presumptive taxation
sir, Hospital run by non medico person will treat this as business income or professional income? I would like to claim 44AD but there is no option in ITR FORM wrt medical services under 44AD . Why we compelled to choose 44ADA in ITR FORM when owner is non medico person
► Read Answer
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
Mr A has not withdrawn any rupee from bank after receiving Rs 50 lacs in bank .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 Mr B has not withdrawn any rupee from bank after receiving Rs 2.9 cr in bank .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
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
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
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
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
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
income tax query