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Mihir Tanna |963 Answers |Ask -Follow

Tax Expert - Answered on Jul 26, 2024

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Question by Tejinder on Jul 08, 2024Hindi

Money

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 :-).

Ans: 44AD is applicable to business income and profession not defined in Sec 44AA. 44ADA is for specified professionals of 44AA ( legal, medical, engineering or architectural profession or the
profession of accountancy or technical consultancy or interior decoration or any other profession
as is notified ).

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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Anil Rego |377 Answers |Ask -Follow

Financial Planner - Answered on Feb 04, 2022

Question by Ram - Feb 04, 2022Hindi

Money

I'm a freelance software engineer, in a financial year my gross receipts are ₹24 Lakhs, expenses are ₹50,000. Can I opt for presumptive taxation section 44ADA & declare 50% (₹12 Lakhs) as my expense? If I do so will I be in trouble in the future for underreporting my income & the IT department wants to know the source of remaining income? And also should I be collecting GST? All my clients are from US & UK.

Ans: Section 44ADA eligibility is based on the nature of services that you provide. Technical consultancy for example is eligible.

Further, one is eligible if your total gross receipts are less than Rs 50 lakh in a year.

Under the Presumptive scheme,

Higher of the following is offered as presumptive income:

50% of the total receipts from the profession Income offered by the assessee from the profession
Actual expenses

By following Section 44ADA, an assessee would get the following benefits:

No need of maintaining books required under Section 44AA
No requirement of having accounts audited under Section 44AB

Considering the complexity, it is better you avail the services of a Chartered Accountant, so that he can look at all the finer details of your case.

Mihir Tanna |963 Answers |Ask -Follow

Tax Expert - Answered on Feb 05, 2023

Question by nagesh - Feb 03, 2023Hindi

Money

Under sec 44 ADA can i show my income as follows ? suppose my income is 100 but real expenses are 20 but using above sec benefit i can always show expenses at 50 and pay tax only on balance 50 when it should be on 80 kindly throw some light on it

Ans: In order to give benefits more persons, to ease compliance and to promote non-cash transactions, it is proposed in Budget 2023 to increase limit to Rs.75 Lakhs (In case of specified profession) provided cash receipts from specified profession does not exceed 5% of total turnover/receipts. Thus, actual expenses will not have any impact on availing presumptive taxation.

Samkit Maniar |174 Answers |Ask -Follow

Tax Expert - Answered on Jul 25, 2024

Asked by Anonymous - Jul 02, 2024Hindi

Money

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.

Mihir Tanna |963 Answers |Ask -Follow

Tax Expert - Answered on Jul 08, 2024

Asked by Anonymous - Jul 04, 2024Hindi

Money

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

Ans: Technical consultants are eligible for 44ADA. If your services are of the nature of technical consultant, you can opt for 44ADA provided you are withing specified limits of receipts (50 lakh/75 lakh)

Latest Questions

Dr Shyam Jamalabad |78 Answers |Ask -Follow

Dentist - Answered on Nov 14, 2024

Question by Donna - Jun 25, 2024Hindi

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.

Dr Shyam Jamalabad |78 Answers |Ask -Follow

Dentist - Answered on Nov 14, 2024

Asked by Anonymous - Nov 10, 2024Hindi

Health

I have gum inflammation from teenage years now am in 30s it bleeds rarely but swelling doesn't reduce though from many years am waiting for it to come to normal...

Ans: Hello
You have not mentioned whether you have consulted a dentist for your gum inflammation and were treated in the past for the same.
The most common cause for gum inflammation is poor oral hygiene. Inadequate or improper brushing can lead to accumulation of tartar or calculus which in turn leads to gum inflammation. This tartar or calculus has to be cleaned (the process is called scaling) periodically by a qualified dentist in order to maintain gum health. The recommended frequency can be determined by your dentist after periodic check ups.
If you have gum inflammation despite regular check ups and cleaning, other factors could be responsible.
Certain medicines which need to be taken on a regular basis are known to cause swelling of the gums. Hormonal imbalances can also affect the gums. To rule out these extra-oral factors, your medical history and medication will have to evaluated and adjusted by a General Physician.

Prof Suvasish Mukhopadhyay |107 Answers |Ask -Follow

Career Counsellor - Answered on Nov 14, 2024

Question by Sachith - Nov 14, 2024Hindi

Career

I've completed my BSc in Chemistry and Biotechnology and am now contemplating my master's degree options. I'm torn between MCA (Master of Computer Applications) and MSc Bioinformatics. Considering my life science background, I'm unsure if pursuing MCA would limit my job prospects and i don't know much about Msc bioinformatics So what to do now?

Ans: Go for MCA or Msc bioinformatics. Take prper decision. Ask yourself whether you want to be in the core line or you want to shift to IT side. If IT side then even MCA will not be enough. It's an age of AI. So you need to go for a good certificate course which is having collaboration with some reputed IIT. So please decide with a calm and cool mind then proceed. In your country before going for a three years course we don't even think for three hours. DECISION DECIDES DESTINY. So take proper decision. I am always there for you. Best of luck. MAY GOD BLESS YOU. Professor..............:)

Prof Suvasish Mukhopadhyay |107 Answers |Ask -Follow

Career Counsellor - Answered on Nov 14, 2024

Question by Alak - Nov 14, 2024Hindi

Career

Hi, sir, My daughter is doing degree in political science in Delhi University,and she does not want to continue masters in pol. sc. so, what are the other options available for her after degree ,if she does not want to do masters in pol sc.

Ans: She can do MBA or she can prepare for UPSC or the state General PSC job for going to admin type job. Best of luck to your daughter. MAY GOD BLESS HER. Professor...................:)

Prof Suvasish Mukhopadhyay |107 Answers |Ask -Follow

Career Counsellor - Answered on Nov 14, 2024

Asked by Anonymous - Nov 14, 2024Hindi

Career

I am 45 year's old high school physics teacher with M.Sc in Physics and having M.Tech degree in safety, also having 18yrs teaching and four year of industry experience, now if I complete online B.Sc in AI and DS from IIT Guwahati, and try to do research in AI or quantum computing ,can I switch over in this age or I can get research opportunities

Ans: Frankly speaking research work means pursuing Ph.D or joining some company of AI, ML and DS in their R&D division. Along with job Ph.D you can't do, but certainly after the certificate course of IIT Guwahati you will have access to the R&D of the companies who deal with DS, AI and ML. Only your huge teaching experience is a negative factor. Still I would suggest you to go for the certificate course and try for R&D job. Best of Luck. MAY GOD BLESS YOU. Professor.....................:)

Ravi Mittal |416 Answers |Ask -Follow

Dating, Relationships Expert - Answered on Nov 14, 2024

Asked by Anonymous - Nov 03, 2024Hindi

Relationship

Hi, I am 30 years old not married & now my parents are forcing me to get married. I think i am good looking guy. It's not like i have never been with girls. I have had brief flings with multiple girls. And there was one girl whom i was in a platonic relationship with with lot of emotional sharing & have spent a lot of time with her. The same goes with another girl. Both of them have told me that i have been pretty cool & girls would like me to be their bf or husband. But i am not able to accept anyone because of the guilt that of my past that i never had a relationship. Never been able to tell anyone that i had a gf. I know this is wrong to compare my life but i can't stop thinking that way. Can you tell me what to do? Like a contsant regret of not having a very steamy cool fancy relationship from outside. I know relationships have it's own ups & downs. But this guilt is killing me that i missed out lot of things in life & if get married in an arranged marriage i would feel myself to be a looser who couldn't even find a girl on his own. Though i know all of these comparisons are wrong & i should be rational. I am not able to help it. Please help me out

Ans: Dear Anonymous,
Whatever you are feeling, it is very normal. More people than you could imagine go through this same phase. But as you mentioned, these are just thoughts; there is no truth to them. Not having a relationship does not make you uncool. It merely means that you did not meet your perfect match yet. I understand that you feel like you have missed out on something and that feeling is valid. It might not be reasonable, but it's very natural to think this way. I can suggest one thing- why don't you try a dating or matchmaking app to find your own partner? That way, you will be keeping your parents' wishes and won't let yourself down either. It will also give you more control over choosing your life partner.

Hope this helps.

Ravi Mittal |416 Answers |Ask -Follow

Dating, Relationships Expert - Answered on Nov 14, 2024

Question by Salman - Nov 14, 2024Hindi

Relationship

Hi, I got married to my ex gf in an arranged setup. I had a 7 year of relationship with her before breakup. My career switch try from private to govt job was the reason. When I failed I returned back to corporate. 3 years after the breakup her father who is a good friend of my father sent proposal which led to our marriage. No one knew that we dated. We never had a word between the acceptance and marriage. None of us initiated the conversation. When she came after marriage her behavior towards me in private is totally strange. We never had an emotional conversation. Neither we discuss romance nor intimacy. In private we hardly have any intellect discussions which was an eternal part before our breakup. But when she is in public she behaves like she cares for me a lot. She is a darling of everyone in the house whether my parents or siblings. Most of the time she remains with my mother and she has good bond. In front of her she cares for me a lot. She had this double faced attitude from the first day. Our intimacy is limited to my ask she could agree or disagree but she never initiated it. She was pretty passionate before our breakup which I never saw after our marriage. I tried everything but nothing has happened she never opened up. She disconnected with almost all our mutual friends after marriage. Whenever I tried through some of her friends she says to them I overthink a lot. Marriages and relationships differs. All useless and weird reasons. Everyone blames my teenage short temper issue. Which I have completely overcame when I started working. After marriage we had a boy. She says no for a next child for which I am fine. But the problem is now my child is growing and she has started understanding her hypocrisy. Now she blames me for teaching him wrong things. We hardly had fights as she walks out or I won't say word usually after she didn't answer for anything. I am unable to see the light in this relationship. She had 3 relationships in between but I never had one which I never discussed. Now I hardly ask for anything. Day by day we are becoming only room partners or fake couples in public. Everyone sees her as an ideal daughter in law or wife due to her public hypocrisy. Please guide.

Ans: Dear Salman,
I understand that marital issues take a huge toll on people. Whatever you are feeling, it is very normal. I strongly suggest you seek professional help- you can either opt for personal counseling sessions to manage the distress caused by your partner's indifference, or the best approach is to convince your wife to go for marriage counseling with you. It would be good to get to the root of the matter; why is she behaving a certain way, where is this coming from, are there unresolved issues from when you dated? These questions will finally get an answer and you can work on them together. If she does not agree to go, tell her to do it for your child. No child should have to see their parents unhappy with each other.

Hope this helps.

Dr Nagarajan J S K |163 Answers |Ask -Follow

Health Science and Pharmaceutical Careers Expert - Answered on Nov 14, 2024

Question by Bhalchandra - Oct 19, 2024Hindi

Career

I want to give NEET exam but my 12th in Maharashtra Board marks are less than 150 in PCB (general), so I am not eligible. can I give retest of 12th to get better marks so that I can give NEET.

Ans: Hi, Being a retest candidate is considered a second attempt in +2. I think the medical council will not allow admission to medicine. Instead, you can consider B.Pharm / Pharm D.

To join, the following are the requirements:

For pharm D: Minimum qualification for admission to. – a) Pharm.D. Part-I Course – A pass in any of the following examinations - (1) 10+2 examination with Physics and Chemistry as compulsory subjects along with one of the following subjects: Mathematics or Biology. (2) A pass in D.Pharm course from an institution approved by the Pharmacy Council of India under section 12 of the Pharmacy Act. (3) Any other qualification approved by the Pharmacy Council of India as equivalent to any of the above examinations. Provided that a student should complete the age of 17 years on or before 31st December of the year of admission to the course.

FOR B.PHARM:
Minimum qualification for admission to – A. First year B. Pharm – A pass in any of the following examinations - i. Candidate shall have passed 10+2 examination conducted by the respective state/central government authorities recognized as equivalent to 10+2 examination by the Association of Indian Universities (AIU) with English as one of the subjects and Physics, Chemistry, Mathematics/Biology as optional subjects individually. “However, the students possessing 10+2 qualification from non-formal and non-class rooms based schooling such as National Institute of Open Schooling, open school systems of States etc. shall not be eligible for admission to B.Pharm Course.” ii. Any other qualification approved by the Pharmacy Council of India as equivalent to any of the above examinations. Provided that a student should complete the age of 17 years on or before 31st December of the year of admission to the course. Provided that there shall be reservation of seats for the students belonging to the Scheduled Castes, Scheduled Tribes and other Backward Classes in accordance with the instructions issued by the Central Government/State Government/Union Territory Administration as the case may be from time to time.

Prof Suvasish Mukhopadhyay |107 Answers |Ask -Follow

Career Counsellor - Answered on Nov 14, 2024

Question by Prasad - Nov 14, 2024Hindi

Career

Hi, my son is currently studying B.E CSE 3rd year at a private college in Bangalore. What should he do primarily to land in a good company ? Please help us

Ans: First thing is that now-a-days both the parents and the students are too much preoccupied with placement. It became a disease. First let her complete the course and learn the interview techniques. Let him go through different websites and YOU TUBE videos from which he will learn how to give interviews. Let the teeth grow, then the question of smile will come. Let him complete his studies carefully. It seems to be always you people are discussing about the placement. Please mind one thing wrong placement is a permanent misplacement. Just ask him in which line he wants to go. Best of luck to your son. MAY GOD BLESS HIM.Professor............:)

Prof Suvasish Mukhopadhyay |107 Answers |Ask -Follow

Career Counsellor - Answered on Nov 14, 2024

Question by Yashwantha - Nov 14, 2024Hindi

Career

Sir I got admission in btech biotechnology and in bhms , which has more salary potential and which course should I take

Ans: Please don't think of salary potential. First you think out of the two which one do you like more. If you take the choice of your preference then automatically you can earn more, but for salary potential if you take wrong stream then whole life you will be frustrated and even you won't be able to earn. Best of luck. Professor...........:)

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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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