The 'Section 44ADA' presumptive income scheme for professionals applies to gross receipts up to: MCQ with Answer and Explanation

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The 'Section 44ADA' presumptive income scheme for professionals applies to gross receipts up to:

A. ₹50 lakh (now ₹75 lakh if cash receipts ≤ 5%)

B. ₹1 crore

C. ₹25 lakh

D. ₹10 lakh

Answer: Option A

Solution (By JKSSB Mock Tests)

Presumptive income for professionals up to gross receipts ₹50 lakh (or ₹75 lakh if digital).

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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In the context of recent developments, Ind-AS 116 deals with:

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Correct Answer: Option C

Explanation:
Ind-AS 116 is the Indian Accounting Standard that deals with the recognition, measurement, presentation, and disclosure of leases.

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Correct Answer: Option B

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