Section 44ADA for 50% Income
Hello,
I work as a translator cum content writer and have income of around 22 Lakhs. I heard on TV Taxguru program that people with my profile can claim 50% provisional income under section 44ADA, and pay taxes on only 50% of the remaining income by filling the return form no. 3.
My question is that what should I enter into following 3 fields in ITR 3 form "Profit and Loss" sheet column 53 which says: "In a case where regular books of account of business or profession are not maintained, furnish the following information for previous year 2016-17 in respect of business or profession":
(ii) For assessee carrying on Profession
a Gross receipts - 53(ii)a - (I suppose this will be 22 Lakhs as received?)
b Gross profit - 53(ii)b - (Should this be 11 Lakhs?)
c Expenses - 53(ii)c - (Should this be remaining 11 Lakhs or should this be left blank? If 11L, then how should this be justified?)
d Net profit-53(ii)d - (Get automatically calculated)
Thanks a lot in advance.
Regards
SS