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Freelancer in IT: 44AD or 44ADA for FY 23-24?

Samkit Maniar | Answer |Ask -Follow

Tax Expert - Answered on Jul 25, 2024

CA Samkit Maniar has eight years of experience in income tax, mergers and acquisitions and estate planning.
He has graduated from Mumbai’s N M College of Commerce and Economics and has completed his CA from The Institute of Chartered Accountants of India."... more

Asked by Anonymous - Jul 02, 2024Hindi

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Hi Samkit, I have a question for you. I am freelancer (IT sector) and having contract with foreign customers. At the time of filling return for FY 23-24, what should I opt for? under section 44AD or section 44ADA. Thanks

Ans: Section 44AD applies to businesses except for professional services whereas section 44ADA is exclusively for specified professionals. Considering you are a freelancer you are more likely to fall under section 44ADA.

Please consult your CA before moving ahead.

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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Hi Mihir, I have a question for you. I am freelancer (IT sector) and having contract with foreign customers. At the time of filling return for FY 23-24, what should I opt for? under section 44AD or section 44ADA. Thanks

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Thanks, for your kind response and taking time to reply to my question. I am sorry but I have another question for you, can you please confirm why 44AD is not applicable for me? This one is more attractive as I will be ending up paying lesser tax. My billing is happening to customer with a service description as professional service. Yes, my receipts are under specific limit as you mention. Thanks again :-).

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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.

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