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Profile photo of Jarviz SuratwalaJarviz Suratwala asked 1 year ago

U/s 44ADA

Hello,
I am receiving professional income from my partnership Firm of Rs. 290000 as Interest & Remuneration income.
My individual income is 200000 and expense on that is 135000. As per section 44ADA if my income exceed the maximum amount not chargeable to tax i.e Rs. 2,50000, I have to audit my accounts. Now my question is whether the definition of income includes the income received from firm i.e. 290000? Whether I need to audit my books of accounts as i am not showing 50% profit? (200000-135000) Rs. 65000.

 

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