Section 44ADA- Provisions for computing profits and gains of profession on presumptive basis

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..... tal gross receipts do not exceed 50 lakh rupees in the PY, then 50% of such receipts, or higher sum earned by the assessee shall be deemed to be the profits and gains of such profession chargeable under head PGBP. From AY 2024-25:- in case of an assessee where the amount or aggregate of the amounts received during the previous year, in cash, does not exceed 5% of the total gross receipts of such .....

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..... professionals, who are eligible to opt for Presumptive Taxation Scheme under Section 44ADA: * Engineering * Legal * Architectural profession * Accountant * Medical * Technical consultant * Interior business * Other notified professionals such as * authorized representatives, * film artists [ Refer explanation (c) of Rule 6F of Income Tax Rules ] * Film artist means any per .....

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..... writer; * (xi) a screen-play writer; * (xii) a dialogue writer; and * (xiii) a dress designer. * certain sports-related persons [ Refer Notification No. 88/2008 date 21.08.2008 ] * Sports Persons, * Umpires and Referees, * Coaches and Trainers, * Team Physicians and Physiotherapists, * Event Managers, * Commentators, * Anchors, and * Sports Col .....

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