Hello,
What would be the tax levied if my returns amount to about 14 L gross receipts and income from other sources about 70k with about 1.68 L in deductions, won't include any expenses
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Presumptive tax 44ADA
Replies (4)
Quick Summary
No tax liability with rebate u/s, 87A IT act.
Thank you Sir for your reply
With ₹14 lakh professional receipts under Section 44ADA, your taxable professional income is ₹7 lakh. After adding ₹70,000 other income and deducting ₹1.68 lakh, your taxable income comes to about ₹6.02 lakh. Under the old tax regime, your total tax liability works out to approximately ₹34,216, before adjusting TDS, if any.
If your gross receipts are INR 14 lakh, income from other sources is INR 70,000, and you claim INR 1.68 lakh as a tax deduction (without expenses claimed), your total taxable income comes to around INR 13.02 lakh.
Under the new tax regime (NTR), the approximate taxable pay would be INR 1.04 lakh (including the cess).
The final tax must vary depending on the tax regime preferred and the eligible assumptions.
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