Question ID :
38207
Presumptive taxation in case of Directorship in a company
If a person is a notified professional u/s 44AA(1) and also a director in a company, Whether that person can file ITR under presumptive taxation in ITR-3..??
Thanx.
Posted by
CA Neha Gupta
on
Jun 14, 2019
Filed Under
DIRECT TAXES
presumptive taxation is not applicable to the income covered u/s 44. In respect of remuneration etc from company it is assessable u/s 56 and hence recourse to presumptive tax is not possible.
Posted by
SIVADAS CHETTOOR on
Jun 15, 2019
Answer ID :
76861
I wish to correct my reply already given. I am of the view that you can file ITR 3 since ITR-4 is not applicable to u being a director of a company
Posted by
SIVADAS CHETTOOR on
Jun 15, 2019