I am a freelance professional filing my tax under 44ADA - 50% as income/profit scheme. After reducing earnings by 50%, currently under 'old' tax regime, I apply the old tax slabs to compute my tax liability. Can I opt for new tax slabs (without exemptions) announced on 1-Feb-2020 as a 44ADA professional from AY2021-22 OR are the new slabs only for 'salaried' individuals?
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New Income Tax Exemption Scheme(AY-2021-22) applicability for freelance professional (44ADA)
Replies (3)
New slabs (optional scheme) are for individual and HUF assesses.
The new scheme applicable to Individual & HUF...
It's applicable from AY 21-2022...
Wait on further Notification about the same...
It's applicable from AY 21-2022...
Wait on further Notification about the same...
Do not be fast in choosing option. As for business, it's one time opportunity and that chosen option will continue for all subsequent years. This option, I think , you might have to exercise before due date of filing of return
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