What does Section 44ADA of the Income Tax Act entail?
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Section 44ADA of the Income Tax Act provides a presumptive taxation scheme for professionals like doctors, lawyers, and architects with gross receipts up to ₹ 50 Lakh (revised limit of ₹ 75 Lakh). Under this scheme, 50% of total receipts are considered taxable income, simplifying compliance by eliminating the need for detailed bookkeeping and audits.