BUSINESS INCOME with PROFESSION

[RAHUL GAIKWAD]

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

[DR.MARIAPPAN GOVINDARAJAN]

Whether doctor is allowed for trading?

[RAHUL GAIKWAD]

No one is restricted for trading under income tax act, Doctors act also allows to doctor for trading....

AI Summary

Presumptive taxation: whether a taxpayer with professional and trading activities can adopt both schemes simultaneously. A medical practitioner conducts both a professional practice and a trading business and asks whether presumptive taxation under the two distinct schemes may be adopted simultaneously without maintaining books of account. The facts show separate turnovers and profit ratios for the profession and the trading activity and note that nothing in the presented materials restricts a doctor from undertaking trading. The core legal concerns are eligibility of each activity for its respective presumptive regime, interaction of the schemes when claimed concurrently, and the recordkeeping and compliance consequences of electing presumptive taxation.