Calculation of presumetive income to professional income

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Querist : Anonymous

Querist : Anonymous (Querist)

21 October 2016 how calculation of presumptive income of professional income be made in AY 2017-18 ?

IS TAX INCREASED FOR PROFESSIONAL AS COMPARED TO BUSINESS MAN IN THIS CATEGORY?

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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21 October 2016 section 44ADA is proposed to be inserted in the Act to provide for estimating the income of an assessee who is engaged in any profession referred to in sub-section (1) of section 44AA such as 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 and whose total gross receipts does not exceed Rs 50 lakh in a previous year, at a sum equal to fifty per cent of the total gross receipts, or, as the case may be , a sum higher than the aforesaid sum earned by the assessee.

Querist : Anonymous

Querist : Anonymous (Querist)

21 October 2016 needs second openion

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 October 2016 Professionals u/s 44ADA from AY 2017-18 can declare on presumptive basis not less than 50% of their income( if their total income doesn't exceed 50 lacs) and pay tax on it.