Home > Money > Question
Need Expert Advice?Our Gurus Can Help
Hardik

Hardik Parikh  | Answer  |Ask -

Tax, Mutual Fund Expert - Answered on Apr 11, 2023

Hardik Parikh is a chartered accountant with over 15 years of experience in taxation, accounting and finance.
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more
Mahesh Question by Mahesh on Apr 11, 2023Hindi
Listen
Money

My business income from profession till FY2021-22 was less than 50 lakh and I was availing the provision of presumptive income. During Fy 2022-23 it will be 53 lakh hence I am required to submit audited books of account. Now from the FY 2023-24, this limit for the presumptive income is raised from 50 l to 75 lakh. My business income during 23-24 is likely to be in the range of 54 lakh. I want to know whether I can shift to presumptive income in 23-24, even when I had submitted audited books of account during 22.23.

Ans: Dear Mahesh,

Thank you for reaching out with your query. I understand that you were previously availing the provision of presumptive income under section 44ADA, and your business income increased to ₹53 lakh in FY 2022-23, requiring you to submit audited books of account. Now, as the limit for presumptive income has been raised to ₹75 lakh in FY 2023-24, you are wondering whether you can shift back to the presumptive income scheme.

Based on the amendment in the Finance Bill 2023, which raises the limit for presumptive income under section 44ADA from ₹50 lakh to ₹75 lakh, you will be eligible to opt for the presumptive income scheme in FY 2023-24, provided your income stays within the new limit and you meet the other conditions mentioned in the amendment.

As your projected income for FY 2023-24 is ₹54 lakh, you should be able to shift back to the presumptive income scheme, even if you had submitted audited books of account for FY 2022-23. Please note that you must also ensure that the cash receipts do not exceed 5% of the total gross receipts for the year, as stated in the amendment.

I hope this helps clarify your query.

Best regards,
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
Money

You may like to see similar questions and answers below

Latest Questions
Dr Shyam

Dr Shyam Jamalabad  |78 Answers  |Ask -

Dentist - Answered on Nov 14, 2024

Listen
Health
Dr. Shyam, I had my teeth cleaned 6 months ago and after that was done I saw discoloration on certain teeth that wasn't there before. Years ago I had my teeth cleaned and one particular tooth after the cleaning was sensitive to touch. I had a crown put in from two different dental offices. The first one did the crown right, but was trying to charge me $3,500 more than the agreement they made with Medicare. Medicare corrected that. I other dentist did a crown and it didn't go all the way up to my gums and is sensitive to especially cold things. I'm not having very good experiences with dentist by and large. Can't find an honest one or one that can actually do the job right. I feel being on Medicare your a target to bring in money. Not sure what to do next. Supposed to go back and have them redo the crown that didn't go to my gums, but it also was ttd place to didn't clean my teeth right and discolored some of them. Any suggestions on how to trust there is actually an capable and honest dentist out there who can perform properly?
Ans: Identifying a capable and honest dentist is crucial for your oral health and well-being. Here are some tips to help you find one:

1. Ask for referrals: Ask friends, family, or coworkers for recommendations. They can provide valuable insights into a dentist's work quality and bedside manner.

2. Check credentials: Ensure the dentist has the necessary qualifications, certifications, and licenses. You can verify this information with your state's dental board or professional organizations like the American Dental Association (ADA).

3. Check online reviews: Look up the dentist on review platforms. Pay attention to the overall rating and read the comments to understand the strengths and weaknesses. At the same time, do not rely on reviews alone as these can be manipulated, fake reviews can be easily generated.

4. Evaluate their communication style: A good dentist should listen to your concerns, explain procedures clearly, and answer questions patiently. Ensure you feel comfortable asking questions and discussing your treatment.

5. Assess their facility and equipment: A well-organized and modern dental office with up-to-date equipment is a good sign.

6. Check their approach to preventive care: A capable dentist emphasizes preventive care, including regular cleanings, exams, and education on oral hygiene.

7. Be wary of over-treatment: A honest dentist will not recommend unnecessary procedures. Be cautious if you feel pressured into extensive treatments.

8. Trust your instincts: If something feels off or you don't click with the dentist, it's okay to explore other options.

10. Schedule a consultation: Many dentists offer initial consultations or meet-and-greets. Use this opportunity to assess their approach, ask questions, and gauge your comfort level.

By following these steps, you can increase your chances of finding a capable and honest dentist who prioritizes your oral health and well-being.

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x