Hello, My Client is Doctor and Doing Trading Business of Medical, his Profession turnover is 25 lakh and net profit is 15 lakh (60%) business turnover is 60 lakh and net profit is 7 lakh (11.66%)
So Can I file IT Return under 44ad and 44ada simunltaneouly.? without maintening books of account
Can a Doctor File Income Tax Under Sections 44AD and 44ADA Without Books for Medical and Trading Income? A client, who is a doctor, engages in a medical trading business with a professional turnover of 25 lakh and a net profit of 15 lakh (60%), alongside a business turnover of 60 lakh and a net profit of 7 lakh (11.66%). The inquiry is whether it is permissible to file an income tax return under sections 44AD and 44ADA simultaneously without maintaining books of account. One response questions whether a doctor is allowed to engage in trading, while another confirms that there is no restriction under the Income Tax Act or the Doctors Act for doctors to participate in trading activities. (AI Summary)