Presumptive Income For Professionals With Salary Income

Hello,

As per the announcement in the recent budget, section 44ADA has been started where professionals can declare 50% of receipts as deemed income.

Is this applicable for people with both professional income and salary income? Please Advise.

Thanks
Sukesh

Anonymous Asked on June 16, 2017 in Taxations.
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1 Answer(s)

A Person can be a Salaried Employed as well as Independent professional. For the Salary Income will come under the head Income from Salary and for the Income from Profession it will come under Income from Business and Profession. You can make use of section 44 ADA by declaring 50% of Professional Income.

Regards

TaxIQ Answered on June 19, 2017.
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