Whether work of valuation of jewellary is profession liable to be taxed u/s 44ADA or business activities

Reply— 

Section 44ADA is a special provision for computing profits and gains of profession (referred to in sub-section (1) of section 44AA) on presumptive basis. In this case if assessee falls in a category of profession prescribed under section 44AA, provision of section 44ADA will be applicable.

Professionals referred in section 44AA(1) of income tax act— Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette.

Since valuation of jewellery is not a profession referred under section 44AA, assessee cannot taxed under section 44ADA of income tax act.