Section 44ADA- Provisions for computing profits and gains of profession on presumptive basis

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....al gross receipts do not exceed 50 lakh rupees in the PY, then 50% of such receipts, or higher sum earned by the assessee shall be deemed to be the profits and gains of such profession chargeable under head PGBP. From AY 2024-25:- in case of an assessee where the amount or aggregate of the amounts received during the previous year, in cash, does not exceed 5% of the total gross receipts of such p....

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....professionals, who are eligible to opt for Presumptive Taxation Scheme under Section 44ADA: * Engineering * Legal * Architectural profession * Accountant * Medical * Technical consultant * Interior business * Other notified professionals such as * authorized representatives, * film artists [ Refer explanation (c) of Rule 6F of Income Tax Rules ] * Film artist means any pers....