Gross receipts declared in itr returns f.y.24-25

[Sundaraiah kollipara]

Sir,

A doctor professional income gross receipts Ra. 25 lacs Rs. 5 lacs personal expenses but doctor professional income account records not maintained F.Y. 24-25

Total assets increased F.Y. 24-25 Rs. 10 lacs

Total liabilities decreased F.Y. 24-25 Rs.5 lacs

Personal expenses Rs. 5 lacs F.Y. 24-25

Question:

Assesses Gross receipts income declared Rs. 25 lacs or Rs. 20 lacs in ITR returns Sec 44ADA provision of it purpose F.Y. 24-25

[FCA Adv amit aggarwal]

as per prov of sec 44ADA - minimum income = 50% of gross receipts, without considering any personal exp, assets and liabilities

for future aspects

minimum income can declare - 12.5 lacs

AI Summary

Presumptive professional income under Section 44ADA is based on 50% of gross receipts, ignoring personal expenses and liabilities.
Section 44ADA prescribes that presumptive professional income is to be computed at a minimum of 50% of gross receipts, without considering personal expenses, assets, or liabilities. In the context of a doctor's professional receipts, the stated position is that where gross receipts are Rs. 25 lakhs, the minimum income under the presumptive scheme may be declared at Rs. 12.5 lakhs for future filing purposes, subject to the scheme's applicability.