Question ID :
38202
INCOME U/S 44AD & ADA (COMBINED)
X an individual is having Turnover u/s 44AD Rs 75.00 L + Turnover u/s 44ADA 25 L = Total Tunover 100 L.
My query is whether 44ADA limit of Rs 50.00 L will be considered independently, or will have to be taken Gross Turnover , in our case it comes 100 L. So can we file income under provision of 44AD and 44ADA both, by declaring 8% and 50% of gross receipts in respective section.
Posted by
pradeep kumar agrawal
on
Jun 13, 2019
Filed Under
Profits & Gains of Business & Profession
Yes. 44ADA limit Wii be considered independently. Hence income of 8% on turnover as per section 44AD and 50% on receipt as per 44ADA should be declared.
Posted by
CA. chunauti dholakia on
Jun 13, 2019
Answer ID :
76851
since the turnover of the eligible business and eligible profession is below the prescribed limit, you can opt to file return under presumptive basis,
Posted by
CA. VENKITARAMAN K V on
Jun 14, 2019
Answer ID :
76860
Yes possible to take separate limits
Posted by
SIVADAS CHETTOOR on
Jun 15, 2019