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of <h1>Section 44ADA: Simplified Taxation for Professionals with Presumptive Profits, No Additional Deductions, Audit Required if Lower Profits Reported.</h1> Section 44ADA introduces a presumptive taxation scheme for professionals in India, effective from April 1, 2017. It applies to residents engaged in specified professions with gross receipts not exceeding fifty lakh rupees annually. Fifty percent of these receipts are deemed taxable profits, with no further deductions allowed under sections 30 to 38. Asset depreciation is assumed to have been claimed. If an assessee reports lower profits than this presumptive amount and their total income exceeds the non-taxable limit, they must maintain detailed accounts and undergo an audit as per sections 44AA and 44AB.
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