Section 44ADA is the presumptive taxation scheme for professionals. A professional with gross receipts up to INR 50 lacs can take the benefit of presumptive taxation under Section 44ADA.
To add Professional Income u/s 44ADA, follow the below-mentioned steps:
- Navigate to Incomes > Business & Professions
- Choose Profession Income u/s 44ADA
- Enter the Profession Details
- Enter Profession Income Details. While adding business profit, keep in mind that a taxpayer should report 50% or more of the gross receipts as income in the ITR
- Finally, you will be able to see your Income from Business & Profession summary
Note: You will be able to Add/ Delete/ Update your business income by clicking on your business.