Section 44ADA - Computing profit & gains of Profession on presumptive basis

Sec. 44ADA- A new section inserted  by finance act,2016. In this Sec. -

       -   An assessee being a resident in India,
       -   engaged in a Profession referred to in Sec. 44AA(1),
       -   whose total gross receipt do not exceeds fifty lakh rupees,
       -   the rate of computation of income is 50% of the total gross receipts,
       -   or the rate higher than the aforesaid (50%) rate
       -   shall be deemed to be the profit and gain of such profession to tax under the head PGBP.

Important Point : -

• No deduction allowed Under section 30 to 38.
• No required to maintain books of accounts U/s 44AA.
• No required to get tax audit U/s 44AB.
• Not required to deposit advance tax in installment, Whole amount pay on or before 15th March

Profession referred to in Sec. 44AA(1):- A person resident in India engaged in following profession can take advantage of presumptive taxation scheme:-

• Legal
• Medical
• Engineering and architectural
• Accountancy 
• Technical consultancy
• Interior decoration
• Any other profession as notified by CBDT