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List of Professions that cannot opt for presumptive taxation scheme u/s 44ADA

"With a view to extend the presumptive taxation benefit to specified professionals, the presumptive taxation scheme under section 44ADA of the Income Tax Act, 19"<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-professions-opt-presumptive-taxation-scheme-u-s-44ada.html

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List of Professions that cannot opt for presumptive taxation scheme u/s 44ADA

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  1. LIST OF PROFESSIONS THAT CANNOT OPT FORPRESUMPTIVETAXATIONSCHEMEU/S 44ADA https://taxguru.in/income-tax/list-professions-opt-presumptive-taxation-scheme-u-s-44ada.html With a view to extend the presumptive taxation benefit to specified professionals, the presumptive taxation scheme under section 44ADA of the Income Tax Act, 1961 was introduced with effect from Financial Year 2016-2017. An individual or a partnership firm (not Limited Liability Partnership) whose total gross receipts for the year don’t exceed INR 50 Lakhs are eligible to opt for the presumptive taxation scheme covered u/s 44ADA of the IncomeTax Act. Notably, presumptive taxation scheme u/s 44ADS is applicable only to the specified professionals which are listedbelow – Legalprofession; Medicalprofession; Engineeringorarchitecturalprofession; Accountancyprofession; Technicalconsultancyprofession; Interiordecorationprofession; Professionofcompanysecretary; ProfessionofInformationTechnology; Filmartists(includingproducer,actor,editor,musicdirector,director,dancedirector,artdirector, singer,cameraman,singer,lyricist,screenplayordialoguewriter,storywriterandcostumedesigners); Authorizedrepresentative; Anyothernotifiedprofessional. Accordingly, all the professionals, other than those listed above, are the ones who cannot opt for a presumptive taxationscheme u/s. 44ADA.

  2. Forreadyreference,thefollowingtablesummarizestheillustrativelistofprofessions,alongwiththerelevant ITRbusiness code, whocannot opt forpresumptive taxation schemeu/s 44ADA –

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