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List of Businesses/ Professions that cannot opt for presumptive taxation scheme

"Any resident individual; resident Hindu Undivided Family and resident Partnership Firm (not LLP) whose total turnover/ gross receipts for the year don't excee"<br>TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Lawu00a0, Goods and Service Tax etc.<br>To know more visit https://taxguru.in/income-tax/list-businesses-professions-opt-presumptive-taxation-scheme-covered-u-s-44ad.html

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List of Businesses/ Professions that cannot opt for presumptive taxation scheme

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  1. LIST OF BUSINESSES/ PROFESSIONS THAT CANNOTOPTFORPRESUMPTIVETAXATION SCHEMECOVEREDU/S 44AD https://taxguru.in/income-tax/list-businesses-professions-opt-presumptive-taxation-scheme-covered-u-s- 44ad.html Any resident individual; resident Hindu Undivided Family and resident Partnership Firm (not LLP) whose total turnover/ gross receipts for the year don’t exceed INR 2 Crores are eligible to opt for the presumptive taxation schemecovered u/s 44AD of theIncome Tax Act. Notably, presumptive taxation scheme u/s 44AD is applicable to all the businesses except the following listed ones– Businessofplyingorhiringorleasingofgoods; Agencybusiness; BusinessearningincomeeitherfromCommissionorBrokerage; Professions as referred under section 44AA(1) [i.e., legal profession; medical profession; engineering profession; architectural profession; accountancy profession; technical consultancy profession; interior decorationprofession or any othernotified profession]. For ready reference, the following table summarizes the list of businesses/ professions, along with the relevant ITRbusiness code, whocannot opt forpresumptive taxation schemeu/s 44AD – Maintenance&repairofoffice,accountingandcomputing machinery HealthCareServices Generalhospitals Specialityandsuperspecialityhospitals Nursinghomes 14008 18001 18002 18003

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