Presumptive Taxation u/s 44AD and 44ADA

Income Tax Income from Business or Profession
126

Hi @love4u_now

  1. An income of ₹4 lakhs would be classified as regular business income and does not fall under either section 44AD or section 44ADA.

  2. According to section 44ADA, only deductions mentioned in sections 30 to 38 are deemed to be allowed (already considered). However, this particular deduction of remuneration paid to partners comes under section 40(b), which can be additionally claimed.