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
Medical Professional Seeks Clarity on Income Declaration with Rs. 25 Lacs Gross Receipts and Complex Asset Changes Under Section 44ADA A medical professional with gross receipts of Rs. 25 lacs and personal expenses of Rs. 5 lacs seeks clarification on income declaration for financial year 2024-25. The professional has not maintained account records, with total asset increase of Rs. 10 lacs and liability decrease of Rs. 5 lacs. The query centers on the appropriate gross receipts to declare under Section 44ADA of the Income Tax Act. (AI Summary)
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