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.
Need Expert Assistance in filing your returns? Please contact us at: info@preethamandco.com or Fill in the Work Request Form http://www.preethamandco.com/p/tax-filing.html
Need Expert Assistance in filing your returns? Please contact us at: info@preethamandco.com or Fill in the Work Request Form http://www.preethamandco.com/p/tax-filing.html
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ReplyDeleteif you required any info regarding TAX & GSTR please visit
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