Question 1

What is professional income under Income Tax?

Accepted Answer

Professional income is income earned from specialized services requiring skill, expertise, or certification, such as doctors, lawyers, and chartered accountants.

Question 2

Which professions qualify under Section 44ADA?

Accepted Answer

Professions like legal, medical, engineering, architecture, accountancy, technical consultancy, interior decoration, and authorized representatives qualify under Section 44ADA if receipts are under &#8377;50 lakh.

Question 3

Do all professionals need to file ITR-3?

Accepted Answer

Yes, professionals earning income under taxable heads must file ITR-3 if they are eligible, except if opting for presumptive taxation under Section 44ADA with receipts under &#8377;50 lakh.

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