Presumptive taxation for professional income

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CA - JOB
37 Points Posted on 20 November 2020
Mr.A is a salaried employee. He has received a one time professional fee (below 50lacs) for software consultancy and TDS is deducted u/s 194J. He does not maintain books of accounts.

Can he opt for Presumptive taxation by taking 50% of fee received as taxable income?

Thanks in advance
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On 20 November 2020 at 15:54 Report
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Quick Summary
This discussion clarifies whether a salaried employee receiving a one-time professional fee can opt for presumptive taxation. The consensus is yes, provided the fee is below 50 lakhs and TDS under section 194J has been deducted. Importantly, having salary income does not prevent you from claiming presumptive taxation on your professional earnings.

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Practice
869 Points Posted on 20 November 2020
Yes. Presumptive Taxation can be opted for in the scenario. There is no restriction on claiming the same if the assessee is also earning salary income.
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On 20 November 2020 at 22:46
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CA - JOB
37 Points Posted on 22 November 2020
Thank you
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On 22 November 2020 at 22:19

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