Narasimha N 15 July 2024

Income tax under 44ad

I am an online educator and my company has provided my earnings by deducting TDS under 194JB.
So should I file ITR under 115BAC (New Tax Regime)?

Also under the head of Income u/s 44AD, what percentage should I consider for showing as income. Should we consider 50% or 30% or is there any standard recommendation to be followed.

At some places I have read that 8% and 6% can also be considered for cash and bank generated income.

So can you please guide what applies in my case to consider.

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Quick Summary

An online educator, whose company has deducted TDS under 194JB, is seeking guidance on filing their Income Tax Return (ITR) under the new tax regime (115BAC). They are also unsure about the appropriate percentage of income to declare under Section 44AD, considering various rates like 8% and 6% for cash and bank transactions, and are looking for a standard recommendation.