Can a professional pay tax under presumptive scheme? If yes, How much tax should he pay?
Can a professional pay tax under presumptive scheme? If yes, How much tax should he pay?
Every person engaged in specified profession can pay tax under the presumptive scheme under section 44ADA of the income tax act and
and he has to pay tax on 50% of gross receipts of profession as his presumptive income.
Presumptive Scheme under section 44ADA is applicable only for resident assessee whose total gross receipts of profession do not exceed fifty lakh rupees.
Followings are the eligible professions under section 44ADA.
Engineering
Legal
Architectural profession
Accountant
Medical
Technical consultant
Interior business
Other notified professionals such as authorized representatives, film artists, certain sports-related persons, company secretaries and information technology.
