Presumptive Taxation u/s 44AD / 44ADA | CA. Pramod Jain

[@AZ-ei1jf]

Tq sir,I have a doubt can we apply 44AD for the capital asset u/s45(2) changed as stock in trade and sold plz help me sir

[@diyap5832]

Sir, In case of Partnership firm T/O is less than 1 crore and NP-5%, after Interest and Remuneration to Partners is 2% for the AY 19-20. All pervious return filed as Normal Return (ITR5) Tax audit is applicable for CY?

[@CAPramodJain]

No

[@sivakrishna8672]

For a freelancer / contract employee who get income below 50 LPA and who pays income tax using 44 ADA , registering GST is mandatory ?

[@rohityadavcloud]

Thanks Pramodji - good video. I have a question, can a technical/professional use 44ADA for their software/IT consultancy (say for non-Indian customers) and say use 44AD for a separate sole proprietor or partnership firm based business that generates revenue from computer/server leasing/renting (i.e. cloud computing/hosting in India for foreign customers)? In such a case, can tax be paid based on 50% for 44ADA qualified consultancy profession revenue and 6/8% on 44AD qualified business revenue?

[@CAPramodJain]

No.. person having professional income cannot avail of s. 44AD

[@ShreySaxena.]

NAYI MATLAB KAMAAL SIR KAMAAL PADHAYA APNAI SIR BHAUT BADIYAA SIR MATLAB 1NO. TEACHER HO AAP...... THANKU SIR FOR HELPING US FOR FREE..

[@shyamagarwal9610]

Sir ek client k survey hua tha.during survey cash or stock mila tha usko verify krwane k liye bol rhe hai...client ne return 44ad me return bhara tha..ay 1819 ka case hai... kya jawab deve

[@abhishekbanerjee4829]

Sir my organisation deducts tds u/s 194c.I am a teacher & get monthly chq.I have some short term capital gains too from mutual funds.Can i use 44AD? I used 44ADA last year.I dint have STCG last year.Irony is i dint get refund yet.Pls help.

[@CAPramodJain]

It should be in 44ad not 44ada

[@anandagrawal7301]

Sir, This was just excellent. I have watched a number of videos on Sec 44AD on you tube. None of them is even near to this one

[@CAPramodJain]

Thanks for the kind words

[@shyamagarwal9610]

Plz u can refer any case law

[@sambitacharya24]

sir a professional like doctor or architect who also engages in f&o trading then how does he show his trading loss/ profit in itr?

[@harishbatra516]

Sir,As you said % of profit should match with amount of money deposited or lying in bank.If we have to prove also the income ,then what is the use of presumptive % of 6%,8% or 50%.What i think and this is also confirm by one of my advocate friend (who mainly deals in I Tax cases) that you only need to prove your receipts not the profit,it can be higher or lower as you are not maintaining books of accounts.Pls clear this?

[@CAPramodJain]

It's not feasible to deposit 2 cr in bank.. and pay tax just on 16 lacs... other provisions could be attracted to tax balance 1.84 crores

[@faheemakram1143]

if A.Y 2017-18 is turnover exceed prescribed limit of Rs. 1 Crore and to be audited but A.Y. 2018-19 is below 1 Crore but his profit is 4% so what to do to skip Tax Audit

[@CAPramodJain]

Tax audit not required

[@Praveen-fi4vr]

Can exporter file u/44ad

[@caashishsingla999]

If a business man having turnover of 80 lakh rupees and declared profit 700000/- and audit is conducted then which clause will be applicable under section 44ab

[@CAPramodJain]

No clause

[@caymarda]

Sir, I understand that if business turnover is less than 1 crore and net profit is say only 5%, Tax Audit u/s 44AB, is not compulsory (even if below 8% since Turnover is less than 1cr)?

[@keshoymahecha3913]

Sir can a content writer getting a fixed monthly pay for which tds is deducted u/s 194j opt for 44ADA?

[@CAPramodJain]

He would not be covered in 44ADA

[@blisslink420]

Sir, if ITR 4 u/s 44AD was filed in A.Y. 2017- 18, 2018-19 and 2019-20 but ITR 1 was filed in A.Y. 2020-21 as there was only salary income, not any business income then in A.Y. 2021-22 can benefit of section 44AD be claimed?

[@ferojkhan3594]

Sir last year means ay. 17-18 ko ITR 3 filed huwa par A.y. 18-19 ko ITR 4 means 44AD k rules me file kiya kya kuch issue hai pls clearify

[@sureshlongani5657]

If a business having turnover 60 lakhs and his profit and TI is only 1.5 lakh( less than 8 %). Is audit applicable???

[@CAPramodJain]

No

[@smitnayak486]

Hi, If an individual is providing Online education coaching, can he use file ITR under section 44AD? Under business code 17006?

[@CAPramodJain]

In my view yes... no restrictions

[@smitnayak486]

@@CAPramodJain Business is not registered. Then also he can, right?

[@CAPramodJain]

@@smitnayak486 registration... is no criteria

[@successmantra5902]

Dear Sir Please reply 🙏🙏 Whether Digital Marketing, E marketing, Website designing is fall under 44AD or 44ADA🙏🙏🙏

[@ankurmathur3670]

If my turnover is 40 lacs and my actual profit and accrual in saving account is nearly 30 lacs, can I fill tax using presumptive taxation under 44ADA

[@kishoreskudlannavar7789]

Did u get the answer. I have same doubt

[@jayeshshinde5447]

My turnover is more than 1CR and totally in cash and the Same cash as usual I deposit in bank which the sme amount Reflect in 26AS so can I book my profit U/S 44Ad as in 6% rather than 8% ??

[@sumitmitra7336]

Under Section 44ADA ,Why do we pay an advance tax if it exceeds 10000 when we can claim it back under section 87A ?

[@CAPramodJain]

its not claimed back, but is relief

[@vanshtravel6525]

Sir mera air ticket booking ka business he...aur muje airlines se comission milta he aur me customer se service charge bhi leta hu.... Mere CA ne mera return 44AD me file kar diya he... future kuch problem ho sakti he..??

[@brahmaiahhe1753]

Thanks, Pramod sir,

[@aakashsaini2821]

In 2018-2019 Turnover 1.2 cr and audited u/s 44AB (a) next year 19-20 turnover is 58L and profit is 60,000. Assessee is a partnership firm and Salary paid to partners in 19-20 is 3,60,000 and Interest on Capital is 258000. Is tax audit necessary for 19-20?

[@CAPramodJain]

No

[@mithunchakravrti307]

Sir I have one private limited company with 25% share..and another properitory company software development.. for private limited we file with audit 1cr turnover .. so can I file 44ada for my sole properitor software company with 45lacs turnover. I need your professional advise let me know how to contact.

[@abb2518]

Sir if any one have business gross receipts 1200000 and he is able to show profit more than 8 %. Along with he has deducted tds under sec 194j for professional and technical fees received 115500 He is able to show profit upto 50%. The question is that. Can he show business income under 44 ad and technical fees 44 ADA both?

[@CAPramodJain]

Ab B no sirji.. 44ad and 44ada cannot be claimed simultaneously

[@abb2518]

Okay sir then how can i show both income in same return i dont have maintain books

[@abb2518]

Please give some hint sir

[@CAPramodJain]

Ab B what hint sirji.. already explained the reason in the video plz..

[@abb2518]

Sorry for bothering sir but I can't understand what should I do which itr I can select

[@PawanKumar-lk6en]

Sir mene assessment year 2017-18 mai sec 44ad mai turnover profit show kiya tha. Aur assessment yr 2018-19, 2019-20, 2020-21 mai audit krwaya tha aur in teeno saal mai turnover 1 crore se km tha. AUR assessment year 2021-22 mai bhi turnover 1 crore se km hai toh audit krana padega yaa 44ad mai dikha skte hain? Yaa fir sir, Without audit k normal balance sheet bnakr usme 8% ka profit dikhakr 21-22 mai ITR-3 FILE kr skte hai

[@Anilkumar-un3hl]

My F&O turnover is 1crore and actual profit is 15 lakhs. Do I need to pay tax only on 6% ( 6 lacs) income or on 15 lacs as per section 44Ad ? Please advise. Thanks.

[@NiteshPatel-bc3zb]

Helloe sir, In 4th Example of Mr.D, Business with turnover of Rs.120 lacsand commission income of Rs.2 lacs. Can't assessing claim 44AD for trading business and pay tax on 8% of Rs.120 lacs and show full commission of Rs.2 lacs in income from other sources.

[@MANSUR.KINGDOM8725]

Mene ITR1 galti se bhar diya jabki ITR 4 bharna tha ab revised karne pr 44ad bta rha he is ka kya solutions he or meri salana income 206000 show krai

[@simranjeetsinghbedi6696]

Air please mention the notification no. Or amendment link as there is no amendment on IT site

[@CAPramodJain]

Which notification sirji... its in section itself

[@simranjeetsinghbedi6696]

@@CAPramodJain sir you said there is amendment that now no tax audit is required

[@simranjeetsinghbedi6696]

@@CAPramodJain it would be helpful if you could provide that amendment where its written ni Tax audit if turnover is less than 1cr and profir is less than 8%

[@CAPramodJain]

@@simranjeetsinghbedi6696 sirji.. plz see the section from any latest bare income tax act.. it gives.. old as well as latest amended provision

[@rejimonjacob8042]

Hi Sir I am a music teacher working getting salary 3 lacks as professional, 194JB, and also doing day trading under which section I come pls help

[@cavijetauntwaliaagarwal3553]

Opting for 44ad first time in Ay16-17 as per old provision,now turnover Is less than 1 cr, whether required to claim 44ad for 5 yr conditions will applying on it?

[@siddharudhashivalli922]

For FY 2020-21, itr-4 has capital gains option? Or need to file itr3 with income from presumptive taxation basis (50% profit)?

[@CAPramodJain]

Itr 3.. claim 44ADA in itr 3 too

[@सी.ऐ.रजतअग्रवाल]

Sir, Regarding 44AD(4) , business is in operation for last 5 years. In AY 16-17, opted for 44AD, in AY 17-18, opted for Tax Audit, now which year will be the base year from where we have to check whether profit is shown above 8% or not in next 5 years. Is it AY 17-18 or AY 16-17 can be taken into consideration.

[@CAPramodJain]

Rajat Aggarwal as the change in 44AD(4) is from AY 2017-18.. hence from then

[@सी.ऐ.रजतअग्रवाल]

CA. Pramod Jain thank you sir . There is another doubt regarding the case 3 discussed at 05:16 minutes of the video. Where t/o is 80L, NP is 5L and TI is 7L. You said there will be no tax audit. But if we see section 44AB(d) , it is said that where profits are shown below the prescribed limit and income exceeds basic exemption limit, then such case shall be covered under tax audit. Please clarify... Also, you said in the video that there is one amendment in this case, could you please tell that amendment, I could not figure that out except for 44AB(e).

[@adityaaggarwal5732]

@@सी.ऐ.रजतअग्रवाल 44ab(4) is applicable in case professional is showing income less than specified percentage that is 50%.

[@सी.ऐ.रजतअग्रवाल]

thank you for correcting me... Can you clarify one doubt: 1st year of my business, profit declared less than 8%/6% and income exceeds basic exemption limit..Tax Audit Applicable??? Had it been profession, tax audit will be applicable-right???

[@blackthebest9959]

@@सी.ऐ.रजतअग्रवाल i will do oudit coll me frand

[@Actorbinod]

Sir turnover 2 cr hai and profit 1% -2% hai to audit hoga if yes then what is the process...

[@CAPramodJain]

Plz see the video again.. audit kis case mei hoga.. hv explained in detail plz

[@architgupta2692]

Sir, if the assessee had profit less than 8% in AY 2017-18 and his tax audit was done in AY 2017-18 and also in AY 2016-17 and a) for AY 2018-19,the profit is above 8% then is he Liable for tax audit? And in case b) if profit is above 8% is he laible for tax audit? In both cases turnover less than 1cr.

[@CAPramodJain]

No

[@rakhikr9007]

Dear sir, A partner who is doctor receives salary income from his firm( LLP). Can we claim 44 ADA on such income. Sir please explain

[@CAPramodJain]

Rakhi K R in my view yes.. he can

[@siddharthrelan]

@@CAPramodJain ......I thought 44ADA not applicable for Salary income (Read Employees)......

[@DharmenderTongar]

I am working in a company with around 13 LPA and I am paying tax. But now I want to start freelancing as professional which may have income upto 19LPA. What should I do for this second income? What will be process to pay tax for second income?

[@Cap834]

KZbin income person which section adopt 44AD or 44ADA?

[@ratanteli6388]

HOW TO FILE SMOLL HOTEL

[@bibinjoseph251]

Can we take partner's remuneration after 44ad??

[@Cap834]

In 44AD in case of partnership firm 40(b) deduction is allowed or not? How salary or interest is taxable?

[@fintaxgyaan]

Sir can we say that 44AD is OPTIONAL scheme even if turnover does not exceed 2 crore.????

[@nidhigarg3879]

Sir an author received royalty income is covered under section 44AD but simultaneously it has also professional income u/s 44ada, but both the sections cannot be claimed together and royalty is also not covered under 44ada so we should show this income as normal business income ?? Also author is not eligible for 80QQB

[@upendramarusa8086]

Sir am having income from a firm which is carrying a business of LPG dealership and I am getting a remuneration, interest on capital and share of profit from the firm, can I claim the benefit of 44 ADA?

[@CAPramodJain]

Its business.. so could be 44AD

[@saurabhgolya3312]

Sir salary +capital gains +non speculation income hone par kon sa itr form file karna hoga please clear sir

[@dhanashankar7009]

If Gross Receipts from profession is 30 Crore in very first year and he is showing less than 50% of Gross receipts as his income, whether Tax audit applied directly even though gross receipt is less than 50Cr or not???

[@martinnadar2620]

HI, I am a contract employee, and my TDS is deducted under 194J. I am filling ITR 4 under presumptive income 44ADA and showing 50% as presumptive income. But under the tax paid and verification tab, I am getting the whole TDS amount as refund. MY TDS deduted was 98488. Please help.

[@rajatshah1295]

sir meri other Income 190000 hai aur t/o 20lakhs hai aur mera profit 1% hai, total income 210000 hai . to kya is case main mujhe 44ad milega. aur books of a/c maintain karne honge ya ni. agar 190000 commission income hai us case main kya hoga ?

[@CAPramodJain]

If commission income.. no 44AD plz

[@familymedicine5369]

Dear sir I m govt salaried person, I have INTRADAY loss and turnover 1.5 lakh, what should I do, which itr form , tax audit??? How

[@CAPramodJain]

ITR 3 tax audit not required

[@Vikasseo1]

Dear Sir I am a freelancer (software developer and SEO expert) (practicing for the past 12 years) My all transactions are via bank transfer. I wish to fill tax under 44ADA (presumptive income scheme) ITR 4. I get more than 1.5 lakhs per year from Bank FD interest for which the banks deduct TDS @ 10%. I get Saving bank interest about Rs 10,000/-. If my declared gross receipts are 25 lakhs / year at 50% my taxable professional income will be 12.5 lakhs. I do invest in PPF 1,50,000/ and LIC 40,000/- How do I calculate my tax under 44ADA? Thanks in advance

[@rambalaji6640]

Sir,I have salaried income which is taxable as per slab.I had incurred losses in trading(in both speculative&non-speculative business).I want to carry forward the losses do I need to make a tax audit,my turnover is below 1cr.

[@CAPramodJain]

No.. file the ITR in time

[@harpreetgauri4892]

Brilliantly explained sir !! Too good Thank u !!

[@prashanthi3054]

Sir I have a query. In the video at the example @10.08 u said that 44ab is applicable due to 44ad(4) but for the nxt assessment Yr i.e, 20-21 why is tax audit not applicable, why is 44ad(4) not applied here? And can you please enlighten abt 115BBE

[@CAPramodJain]

As the total income is below the maximum amount not chargeable to tax.. i.e. below rs. 2.50 lacs

[@ayushdangarh2051]

Sir Assessee has filed his normal tax return in A.Y. 2017-18 and now in A.Y 2019-20 his turnover is 1.9 crores and Net Profit is 4.75 lakhs and TI 4.75 that is below 6%/8% is audit applicable

[@faheemakram1143]

If I had previous year 1.15 Crore Turnover and Got audited but now this year Turnover is 44 Lac and Profit is 5.5% so what to do this year.... Go to audit or file Normally ITR3????

[@surajjakhotia]

Hello sir...-How to reverse ineligible ITC in march 19 which has been taken in 3b -all other ITC column of previous months.

[@CAPramodJain]

Sorry I don't do gst plz

[@carahulmahajan8810]

Excellent video Parmod sir. Very practical examples. Just want to confirm that partnership firm can claim deduction of remuneration and interest paid to partners by filing normal ITR 3 without having tax audit if turnover is 25 lakhs. Or we can say tax audit under 44 ab is not compulsory upto 1 crore still firm can pay interest and salary to partners by filing ITR 3

[@CAPramodJain]

Yes

[@frenilgandhi639]

Hello sir, 44AD compares A. Presumptive Income B. Declared Income. Now my question is that, can we claim Depreciation in Declared Income ( NP as per PL) or have to add back Dep in "NP as per PL" ? Thanks in advance. CA. Frenil Gandhi.

[@shashankgupta8198]

In case we have gross receipts of 20 lakh as a professional, we will have to pay tax on 10lakh. What can we do with rest 10 lakhs? Can we keep it in our account if our expenses are near to NIL ? Can we invest it?

[@NiteshPatel-bc3zb]

Hello sir, A newly formed Partnership firm has turnover of 60 lacs. Net profit before Partners renumeration is Rs.10 lacs whivch is above 8%, however after paying partner renumeration of Rs.7 lac , balance profit comes to Rs.3 lacs i.e below 8%. Is partnership firm liable to tax audit for A.Y.2019-20? They have not opted for presumptive taxation scheme. Thanks you sir.

[@caamitkumar318]

Hello sir , I have turnover of 11 lacs from retail shop and 9 lacs of car rentals . my query is how to deal in itr 4 I mean whether I can choose 2 business code or car rental can be provided in other source with retail income in itr 4 ...? It would be great help sir

[@CAPramodJain]

Both are business incomes

[@SumitRajput-zl1db]

If any person is engaged in business and profession both like you said in the case of Doctor. Fees - 45 lakhs and trading turnover - 90 L. Then his total Turnover or gross receipts from both business is 45L + 90L = 135L. Is he required to get his books of account audited under section 44AB. He is offering more than 8% of profit in case of trading and more than 50% of profit in his fees. Please reply sir.

[@kusumprajapati7760]

For a women doing tuition income from home, which itr to used, itr 3 or 4S?

[@CAPramodJain]

There is no return like 4S plz

[@SanjeevAgrawal]

is bill discounting income considered as commission??

[@CAPramodJain]

Would depend on case to Case... can't be generalised

[@SanjeevAgrawal]

@@CAPramodJain for proprietor??

[@balamuraliunnithanms7445]

Sir , 5 years opt-out scheme is also for 44ADA & 44ADE. And one more doubt, Sec.44AA(1) says about -Specified professionals mandatory maintain books of accounts as per Income Tax Rule Sec.6F. But as per Sec.44ADA is also applicable to specified professionals. As per Sec.44ADA- There is no need to maintain books of accounts?

[@AneeshVelluvalappil]

Sir, Filing under 44AD and showing profit below 8%. Is it requires to do audit.? My understanding is when profit declaring under 44AD can't show profit below 8%|6% then there is no question of showing profit below it. Even 44AD doesn't talks to do audit when profit goes below 8,6 Pls correct me if I am wrong.

[@CAPramodJain]

Audit only if covered u/a 44AD(4)

[@AneeshVelluvalappil]

@@CAPramodJain Hi Sir, I would like you to check New ITR 3 and 4. Department has added a note under 44AD "If income less than above % then it's mandatory to maintain book and do audit u/s 44AD". That note is so confusing as audit is applies only when 44AD(4) applies. In my experience many CA are recommending to client to do audit when profit below this %.

[@rishabh0506]

Sir, great video. Can u please share the link where we can read that there is no need to file tax audit report if profits are shown less than 8% or 6% and having turnover less than 1cr . And in which ITR?

[@vipul2891]

Rishabh Agrawal I think simultaneous reading of provisions of section 44ad and 44ada alongwith this video will provide better clarity on these sections

[@CAPramodJain]

Rishabh Agrawal plz... share provision.. which says.. that in such case audit is mandatory

[@cavijaygupta394]

please see the article page no 4 heading no 2 www.incometaxindia.gov.in/tutorials/13.%20tax%20on%20presumptive%20basis%20in%20case%20of%20certain%20eligible%20businesses.pdf

[@rakeshiitd]

Hi Sir, If there is a loss of say 1 lakh in future and options (non-speculative), turnover is approx. 5 lakh, Salary income is 10 lakh, then is (i) is there any need for tax audit to carry forward losses, (ii) which ITR return is to be filed? and (iii) if one doesn't want to carry forward fno losses, the can we file ITR1?

[@asharanisharma4526]

Sir Pehle 5 years 44AD opt kiya , 6th year me 44ad opt out kiya , then 7th year me 44ad opt kar sakte h kya ?

[@dineshmanghani572]

sir , if a professional who is also doing business in which he can claim not? 44ad or 44ada , not audible please reply

[@CAPramodJain]

Dinesh Manghani a professional can not claim both .. he can only claim 44ada...

[@nirmitbrahmbhatt3162]

I’m a salaried individual. My taxable income from salary is 4.5 lakh. I also do F&O trading where my turnover is 21 lakh and profit of 11 lakh. My question is what kind of taxation is applicable to me for F&O income? Normal Business income at 30% tax ? Or Shall I go for Presumptive income tax at 6% of turnover? Please Answer.

[@nayankhandor5123]

If Lawyer having income from practice ₹550000 and loss from share f&o business, then Audit is mandatory ???....as Professional can't opt 44AD or Can take benefit of Amendment of 44AD(4) ???

[@swethakorumuju2504]

Sir, Does 44ADA covers commission received by a legal professional

[@CAPramodJain]

No

[@rameshparekh581]

I have a query. 44AD says that the AO "presumes" the income to be 8% of gross. That doesn't mean that it SHOULD be 8% or less. You said that if a person is making 20L and having 10L in bank account, then profit appears to be 50%, which is more than 8%. So what? the law only says that they will presume that only 8% of it is to be taxed. That's the whole point of "presumptive" income : the govt is not interested in accurate info they presumes your income to be making 8% profit and you pay tax only on that. If profit is more than 8% then no problem, the person is still within the law to only pay tax on 8% because the government itself presumes that the remaining 92% is not to be taxed.

[@satyaranjansahoo7687]

Mr.x having T.O 150L , opted for PTS u/s 44AD. 44AB lagega sir.......

[@CAPramodJain]

If taking 44ad.. no 44ab in same year

[@satyaranjansahoo7687]

@@CAPramodJain SR plz the reason...kya HM ek salme dono nahin lesakte...

[@CAPramodJain]

@@satyaranjansahoo7687 no.. s. 44ad itself restricts

[@babasanskari2045]

Thank you sir for video...I have one question Suppose turnover is 95 lakhs and individual is maintaining BOA as per 44AA and he wants to pay tax on net profit as per normal Books of accounts(BOA) which is lower than presumptive income that could be 6% or 8% depending on case. Will he be required to get his accounts audited u/s 44AB?

[@cahimanshugandotra9635]

Sir brilliant video and thanks a lot for this video...you have made these sections crystal clear...thanks a lot sir...

[@CAPramodJain]

Himanshu Gandotra thanx sirji

[@cashekharsawant]

One individual has Total Turnover of Rs 198 lakh in FY 2018-19 and claimed 44 Ad for FY 2018-19,next year he has Total Turnover of Rs 3 cr and has done Tax audit in FY 2019-20 u/s 44Ab,in third year he has Total Turnover of rs 70 lakhs ,can he claimed 44 Ad for third year i.e for FY 2020-21 also if turnover has Rs 120 lakh in third year ,can he claimed 44 AD.

[@rahul-co2ls]

sir one doubt.. i have a turnover of 1cr and if I calculate my actual net profit it will be 10-12 lakhs.. but if I opt for 44ad then I can show 8% i.e 8lakhs as income.. can I do that? and if yes then how to prepare balance sheet like what amount to be transferred to capital account ?

[@CAPramodJain]

If ur profit is 10 to 12 lacs.. plz declare the same .. take benefit of higher profit and capital

[@rahul-co2ls]

CA. Pramod Jain ok sir. thank u

[@mayankagarwal4574]

@@CAPramodJain I have a similar query sir. If i show higher profit than 8% then my tax liability will increase. Then how is it a benefit for me. Kindly explain..

[@Akshit0123456789]

Great video... If we have intraday loss for any financial year with turnover less than 20k, as per rule, we need to fill ITR 3 (also having salaried income), but do we need to audit for same as overall having loss in intraday and short term capital gain?

[@raghuveerpareek4704]

Dear sir, If turnover of eligible assessee is less than rupees 1 crore then whether it is mandatory to declare income under section 44ad?

[@CAPramodJain]

No sirji

[@dalvindersingh6243]

Why not. The wording of sec 44ad(1) says that .

[@dalvindersingh6243]

Or you have to show more than 8% and maintain books of accounts.

[@dalvindersingh6243]

I will appreciate a reply from Parmod ji.

[@alpachristie1112]

this surely give clarity to the issues governing 44AB, 44AD and 44ADA. it would be helpful, if you can also put your answers to the hypothetical examples given by you in the slide itself in tabular form

[@CAPramodJain]

alpa christie answers are in these slides too

[@kalrapankaj]

Very Nice Sir, Sir, can you please confirm weather Coaching Centre comes under Business (i.e 44AD)

[@CAPramodJain]

Sunny yea sirjj

[@ashokjoshi5254]

Sir, nice to hear you. Whether insurance surveyor can be covered u/s 44AD. We are of the opinion that he is professional.

[@vipul2891]

Very well prepared and neatly explained the provisions. Thank you sir

[@CAPramodJain]

Vipul Aggarwal thanx ji

[@rituraj8471]

@@CAPramodJain ca job is better or income tax officer job is better

[@singhalashish97]

I am Professional Doctor & I am eligible for "44ADA". Can I show Life insurance policy premium as expense u/s '44ADA'? Please reply me as soon as possible

[@sukhmindershammu]

I have a small IT sole proprietorship firm with turnover less than 20 lac/annum. Am I eligible for 44AD?

[@CAPramodJain]

No.. for IT.. it would be s. 44ADA

[@sumitgoyal2724]

If turnover is less then 1 crore and the assesee declares profit less then 8 percent than will he require to get tax audit done?

[@CAPramodJain]

Plz see the video again.. hv explained this issue in detail plz

[@cadhroovrajput3571]

hello sir, if some one file itr-4 with income Rs. 28000 whic is more that 8% (just having small business) so how to save from 44Ad (4). 1. Current yesr ke return revise kar de by filling itr-3 ? . . ya fair next year business income he na show karee ? . .

[@CAPramodJain]

Could not understand the problem plz

[@nilayshah7176]

Sir, in following case whether 44AB(e) would be applicable?? Turnover- 80 lacs Profit- 5 lacs TI - 5 Lace

[@CAPramodJain]

Plz see the video... it's only if claimed 44AD in last year

[@SanjaySharma-sc4td]

Dear Sir, my proprietorship firm had Turnover 2.15 cr. in AY 2017-18, But in AY 2018-19 turnover is only 93.50 lakh, is tax audit is mandatory in my case, i want to show profit less than 6%.

[@CAPramodJain]

No tax audit is not mandatory

[@SanjaySharma-sc4td]

@@CAPramodJain thank you sir

[@ashishjha4649]

O

[@PrincePandeyca]

@@SanjaySharma-sc4td you are required to get your accounts audited.u/s 44AB

[@faheemakram1143]

If I had previous year 1.15 Crore Turnover and Got audited but now this year Turnover is 44 Lac and Profit is 5.5% so what to do this year.... Go to audit or file Normally ITR3????

[@y6690]

Hello sir, I am a freelance Designer (graphic/website) My gross income will become around 4-5 Lakhs this year I also started investing in the stock market not made any huge profits yet. My questions- Do I have to pay taxes and how much? Can I opt for section 44ADA? what if my gross income was 7-10lakhs? Thanks

[@huzuuuti1971]

sir i am a doctor. my total profesional income in 18-19 will be around 750000. Total salary income will be 55000. I tread in f&o and have a loss around 150000 with a turnover of around 2500000. Can i file IT3 and show income in 44ADA? Do i need audit for the loss in f&o as buissness income?

[@CAPramodJain]

Yes u can claim 44ADA.. for F&O.. plz check the turnover.. if exceed 1 cr.. ausit would be required

[@Jaguvpati]

Sir I am small business doing online and other typing work. Sir I am paying online government stamp duty and other government fees by taking cash from my client for nominal commission and I am depositing the same into my current account. Whether I will obtain gst no or pay any tax to government please clarify

[@nicevideos330]

No gst if ur TO does not exceed 20 lakhs

[@rimpasarkar619]

I am a software engineer working in a IT COMPANY, sir am I eligible to claim 44ADA?

[@caipbimalashokdesai9873]

If you are gettong by way of salary, No. If you are getting as retainership or consultancy and receipt less than, yes.