Tag - 44ada

Section 44AB vs 44ADA

Section 44AB vs 44ADA As Section 44AD is applicable on business (click here to read in detail), Section 44ADA applies on professionals. It says that if an eligible assessee (professional) who declares 50% or more than that of his gross receipts as profit, then he is not required to get his accounts audited under the Income Tax Act, 1961. But, this section has specified a limit on the gross receipts too. As per this section, the gross receipts should not be more [...]

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