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Can presumptive tax applicable for ITR 3?

ITR 619 views 5 replies
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Engineer
21 Points Posted on 04 July 2023

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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On 04 July 2023 at 08:21 Report
Replies (5)
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Profession Business
28198 Points Posted on 04 July 2023
Yes possible
44 Reply
On 04 July 2023 at 08:52
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Tax consultant
552 Points Posted on 04 July 2023
Professional income should not exceed 50L to avail presumptive u/s 44ada
2 Reply
On 04 July 2023 at 09:02
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146 Points Posted on 04 July 2023
Agreed with mr subramanian
1 Reply
On 04 July 2023 at 09:27
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CA
10436 Points Posted on 04 July 2023
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.
40 Reply
On 04 July 2023 at 09:42
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Profession Business
28198 Points Posted on 04 July 2023
Pls post gross total income
44 Reply
On 04 July 2023 at 12:13


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