Which profession is non specified profession under section 44AA?

As per section 44AA and rule 6F, the profession of “Teacher” is a non-specified profession and, hence, the provisions of section 44AA are applicable to her and she is either liable to maintain such books of account and other documents as may enable the Assessing Officer to compute her taxable income under the Income- …

What is the limit of 44AA?

In the case of a taxpayer whose turnover was less than Rs 25 Lakh, but having total income above the maximum amount not chargeable to tax, are excluded from maintenance of books of accounts as per 44AA.

Is 44AA applicable to 44ADA?

Section 44ADA offers a scheme of presumptive taxation of profits and gains arising from professions mentioned under Section 44AA(1) of the Income Tax Act, 1961. The benefit of section 44ADA can be taken only by those specified professionals whose annual gross receipts are under Rs 50 lakh.

Is teaching a profession under Income Tax Act?

The income received from the teaching profession or the activity of preparing content material is not covered under Section 44AA(1) of Income tax.

Which profession is covered under 44ADA?

The presumptive taxation scheme of section 44ADA is designed to give relief to small taxpayers engaged in specified profession (i.e., legal, medical, engineering or architectural, accountancy, technical consultancy, interior decoration or any other profession as notified by CBDT).

Is tax audit mandatory if profit less than 8?

From the example 3 and example 4 it is observed that where the assessee has turnover less than Rs 2 Crores and declares profit less than 8%/6% tax audit is applicable, where as in case the assessee has turnover between 2 Crs to 5 Crs, no tax audit is applicable even if he has declared profits less than 6%/8%.

Is tuition a profession?

Is my income from tuitions taxable? Ans.:- Yes, income from tuition is taxable. If tuitions is your only profession then Income from tuition will be your main source of income and taxable under the head “Income from Business/Profession”.

What is Section 269SS of Income Tax Act?

What does Sec 269SS says? Analysis: No person shall accept any loan or deposit in a single day from another person in any form other than account payee cheque or bank draft, if aggregate amount involved is more than Rs 20,000.

What are the items falling under section 28?

(v) 1 any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from such firm: Provided that where any interest, salary, bonus, commission or remuneration, by whatever name called, or any part thereof has not been allowed to be deducted under clause ( …

Is tuition income covered under 44ada?

Tax under section 44AD (Presumptive Basis) is applicable only for business income. Tuition services will not be covered under 44ad.

Who is not eligible for presumptive income?

Apart from above discussed businesses, a person carrying on profession as referred to in section 44AA(1)is not eligible for presumptive taxation scheme. A person who is earning income in the nature of commission or brokerage cannot adopt the presumptive taxation scheme of section 44AD.

What are specified professions?

Specified profession covers profession of legal, medical, engineering, architectural, accountancy, company secretary, technical consultancy, interior decoration, authorised representative, film artist or information technology.

Is 44AA applicable to 44AD?

An assesses who opts for the benefits under section 44AD is not required to maintain books of account that are required to be maintained under section 44AA. The assessee who opts for the benefits under section 44AD is also not required to get his accounts audited as required under section 44AB.

What is the eligibility criteria for section 44aa?

Applicability of Section 44AA: (a) Specified Profession – Mandatory to maintain books of accounts irrespective of the amount of income/receipts. (b) Other professionals and business – If income exceeds Rs. 1.2 lakh or turnover/gross receipts exceed Rs. 10 lakhs in any one of the 3 years previous years.

What is SEC 44aa (2)?

Sec 44AA (2) requires persons carrying on business to maintain books of accounts in certain cases. If a person is carrying on business, he is required to maintain books if his turnover exceeds Rs. 10,00,000 or his profits from business exceeds Rs. 1,20,000 in any of the three preceding years.

What is the maintenance of books of accounts under section 44aa?

For most of the people carrying on a business or profession, maintenance of books of accounts has always been a trick question. There are many misconceptions about the maintenance of accounts under section 44AA of Income Tax Act,1961. An assessee need not maintain the books in every case.

What is section 44aa of the Income Tax Act 1961?

Page Contents. Analysis of Section 44AA of Income Tax Act, 1961 i.e. Compulsory maintenance of books of accounts. 1) Maintenance of accounts by certain persons carrying on profession. 2) Maintenance of accounts by certain persons carrying on business.