sir,
A Doctor Gross receipts income rs:25 lacs and personal expenses rs:5 lacs and A Doctor is not maintained account records for professional expenses
Increases value Assests f.y. 24-25 rs: 10 lacs
Decreases value liabilites f.y. 24-25 rs: 5 lacs
Personal expenses rs:5 lacs f.y. 24-25
Question:
A Doctor Gross receipts show amount rs:25 lacs or rs :20 lacs declared for itr return purposes.
The doctor should show Rs. 25 lakhs as gross receipts in the ITR, as this is the actual income earned from the profession. Gross receipts cannot be reduced by personal expenses or changes in assets or liabilities. Alternatively, if opting for presumptive taxation under Section 44ADA, 50% of the gross receipts (i.e., Rs. 12.5 lakhs) will be deemed as income, but the full Rs. 25 lakhs must still be reported as gross receipts in the return.
Hope this helps!