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Friday, 28 April 2017

Presumptive Taxation for Professionals u/s 44ADA

If you are a freelancer, consultant or professional, you are luckier than your salaried friends in more ways than one. Not only are you your own boss, you can also get away with paying income tax on only half of your income. And that too, legally!
Section 44AD of Income Tax Act provides an option to businessmen to assess income as 8% of the turnover on presumptive basis. This is applicable to businesses with turnover of less than Rs.1 crore. This limit is raised to Rs.2 crore from financial year 2016-17. Similar section is now introduced for professionals from financial year 2016-17 Section 44ADA. Under this section professionals such as legal, medical, engineering or any of the profession as given in section 44AB are allowed to presume 50% of the gross receipts as net profit. This is applicable only to professional whose gross total receipts does not exceed Rs.50 lakhs.
The benefit by showing income under presumptive basis is the assessee is not required to maintain books of account, neither he is required to get account audited. However, if the assessee wants to show the income less than above then he can do so subject to maintenance of books of account and audit.
Specified profession includes Legal, Medical, Engineering, Architecture, Accountant, Technical consultancy, Interior decoration, Other notified professionals, Authorized representatives, Film Artists, Certain sports related persons o Company Secretaries and Information technology.

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