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What are tax exemption under Sec 44ADA? - Property Hotline
Posted
January 19, 2017
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January 19, 2017
895
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1:16Now PlayingExpert: Samir Kanabar, EY LLP
Question: Assuming that my professional income is Rs. 34 lakh in current financial year; can 50% of this income that is 17lakh be treated as tax exempt under Sec 44ADA?
Answer: According to law, any professional earning less than Rs.50 lakh can pay tax on 50% value. This means, it will apply in your case. Complying with certain specified conditions 50% of the total income can be treated as tax exempt under Sec 44ADA.
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