Section 44ADA: Presumptive Taxation @ 50% for Professionals
The benefit of Presumptive Taxation which was earlier available only to specified businesses has now been extended to Professionals. Professionals whose Total Gross Receipts do not exceed more than Rs. 50 Lakhs in a financial year can claim benefit of this Section from Financial Year 2016-17 onwards.
The Income of any person making use of this Section would be assumed to be 50% of the Total Gross Receipts for the year. The following are considered as professionals who can make use of this Section:-
Legal
Medical
Engineering Architectural Profession Profession of Accountancy Technical Consultancy Interior Decoration
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