Eligibility of 44ADA if Turnover in Previous FY is 1 crore and Present FY is under 75L

Income Tax Income from Business or Profession
1

If a professional earned 1 crore in the previous FY and is earning less than 75L in the present FY, can he opt for 44ADA?

I heard that if turnover exceeds 1 crore in the previous FY, then he cannot opt for 44ADA in the present FY even when his gross receipts are under the 75L limit. Hence the confusion

2

Hey @thethinker,

You can opt for the presumptive taxation scheme if the gross receipts do not exceed ₹75L in the current FY and not more than 5% of the transactions in cash.

Hope this helps!