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Mahesh

Mahesh Padmanabhan  |124 Answers  |Ask -

Tax Expert - Answered on May 26, 2023

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more
Mahesh Question by Mahesh on Apr 11, 2023Hindi
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My business income from my profession till FY2021-22 was less than 50 lakhs, and I was availing the provision of presumptive income. During Fy 2022-23 it will be 53 lahks; hence I am required to submit audited books of account. From FY 2023-24, this limit for the presumptive income is raised from 50 l to 75 lahks. My business income during 23-24 is likely to be in the range of 54 lahks. 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: Hi Mahesh
I am presuming that you have a specified professional income and hence you have opted for the presumptive taxation u/s 44ADA.

Yes, you could opt for the presumptive taxation in FY 23-24
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.
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Hardik

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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,

..Read more

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Dr Nagarajan J S K

Dr Nagarajan J S K   |371 Answers  |Ask -

NEET, Medical, Pharmacy Careers - Answered on May 06, 2025

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Hello sir I have taken a 1 year drop for neet 2025 from pw online . But now I am scoring only 300 in neet .Now i am very confused what to do should I take one more drop or chose any option. This time i want to join offline coaching and really want to work hard but afraid that the coaching centre after knowing my marks will give me their worst batch so what should i do ?
Ans: Hi Ritika,
You mentioned that you scored only 300 in NEET. While we can't make any judgments until the official results are published, I must say that a score of 300 is quite low.

If you're planning to reappear for NEET, that's a good decision! However, I understand you might be worried about the coaching classes placing you in a less suitable batch. I recommend attending for 2 or 3 days while attending the coaching just follow the below instructions.

Make a list of the subjects and chapters you find challenging. Discuss these areas with your coaching faculty and aim to ask at least 15-20 questions daily to clarify your doubts and enhance your understanding. Additionally, request tips and tricks for each chapter so that you can put in a lot of effort to reach your goal.

Alternatively, you can prepare 10 questions on your own and seek answers from your coaching faculty. If you maintain this practice throughout the course, you'll build your confidence, and the coaching staff may consider changing your group due to your proactive approach in asking questions.

Through NEET, you can also pursue other medical-related courses such as BAMS, BSMS, BHMS, BYMS, BNYS, and BDS.

If you don’t have confidence in yourself, you might consider dropping NEET and exploring other courses. However, I encourage you to take one chance and follow my suggestions.

Additionally, if you are not already practicing yoga and meditation, I recommend starting. These activities can help you concentrate better and reduce distractions while studying.

Best of luck!
POOCHO. LIFE CHANGE KARO.

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Dr Nagarajan J S K

Dr Nagarajan J S K   |371 Answers  |Ask -

NEET, Medical, Pharmacy Careers - Answered on May 06, 2025

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Hlo I have taken a 1 year drop in 2024 for neet but i am scoring only 300 . Now I am so confused what to do I really want to crack neet and this time i want to join offline coaching but afraid that i can do it or not Please tell me what to do
Ans: Hi Ritika,
Good decision! Offline coaching is far better than online coaching because it allows you to focus on your studies more effectively.

You mentioned that you need to crack the exam, so here are some tips on how to do that:

First, identify which subjects and chapters you find challenging and make a list. Discuss these areas with your coaching faculty. Aim to ask at least 10 questions daily to clarify your doubts and enhance your understanding.

Alternatively, you can prepare 10 questions on your own and seek answers from your coaching faculty. If you maintain this practice throughout the course, you will build your confidence.

Additionally, if you are not practicing yoga and meditation, I recommend starting. These activities can help you concentrate better and reduce distractions while studying.

Best of luck!

POOCHO. LIFE CHANGE KARO.

...Read more

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