44AD------------ BUSINESS

44 ADA-------------- PROFESSION

1.            Eligible assessee individual, HUF, partnership firm, who is resident but not LLP.

2.            NOT claim any deduction of 10A,10AA,10B,10BA OR 80-IA to 80-RRB.

3.            ELIGIBLE BUSINESS except business of plying, hiring or leasing goods under section 44AE and whose turnover does not exceeds Rs,2 cr.

4.            not applicable not business of 44AA , A person earning income of commission or brokerage and agency businesses.

5.            PRESUMPTIVE INCOME :-

8% OF TOTAL GROSS RECEIPTS (6% in case of

receipts received by banking instruments or use of E banking.

OR any rate above it.


6.            NO deduction under section 30 to 38.

7.            5 YEARS LAW

1.            Eligible assessee resident of India who engaged in a profession of 44AA(1) and whose total gross receipts do not exceeds Rs.50 lakh.

2.            PRESUMPTIVE INCOME:-

50 % or any higher rate.

3.            NO deduction under section 30 to 38.

4.            Accounts & audit if lower rate required.

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