I am an individual taxpayer, working as an Engineer and my income sources are from Salary and freelancing income. The total income for the last financial year is around 65 lacs. If I file ITR3, would I be eligible for presumptive taxation benefits for my freelancing income? If not what would be the best way to save tax on my freelancing income? Please suggest. Thanks
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Can presumptive tax applicable for ITR 3?
Replies (5)
Yes possible
Professional income should not exceed 50L to avail presumptive u/s 44ada
Agreed with mr subramanian
Hi Wazir Cin, I'll be happy to help you.
In your case, you need to show income in two heads. The first one is under the head salary, and then the remaining freelancing income will be shown in income under the head business and profession.
Freelancing income, if less than 50 lacs, then you can choose presumptive scheme u/s 44ADA to save your taxes.
Further, if you need help, then I'm leaving the details in your inbox. We will discuss in detail the ways for saving tax.
In your case, you need to show income in two heads. The first one is under the head salary, and then the remaining freelancing income will be shown in income under the head business and profession.
Freelancing income, if less than 50 lacs, then you can choose presumptive scheme u/s 44ADA to save your taxes.
Further, if you need help, then I'm leaving the details in your inbox. We will discuss in detail the ways for saving tax.
Pls post gross total income
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