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Salary 6 Lacs and PGBP Income 5 Lacs

ITR 452 views 4 replies

Could you please assist me in determining the most beneficial Income Tax Return (ITR) to file and the optimal regime (old vs new) to maximize tax savings? I have made investments in PPF totaling 1.5 Lacs, spent 8000 on Health Insurance, and 95,000 on my child's tuition. Can I take benefit of the Presumptive Taxation Scheme under Section 44ADA?

Replies (4)
Post income and other income details

Salary from Pvt Ltd Company = INR 6 Lacs
IT Consultation Fees = INR 6 Lacs
PPF = INR 1.50 Lacs

1. Can I take benefit of the Presumptive Taxation Scheme under Section 44ADA?

2. Which ITR Form will be applicable?

3. Old Regime vs New Regime?

Professionals engaged in the following professions are eligible for section 44ADA:

Interior decorations

Technical consulting

Engineering

Accounting

Legal

Medical

Architecture

Other professionals, as mentioned below:

Movie artists includes a producer, editor, actor, director, music director, art director, dance director, cameraman, singer, lyricist, story writer, screenplay or dialogue writer and costume designers

Authorised representative means a person who represents another person for a fee before a tribunal or any authority constituted under any law. It does not include an employee of the person so represented or a person who is carrying on the profession of accountancy

Any other notified professionals

Me govind P
do you fall under of above professional category?

Yes, because Information Technology Consulting and Market Advisory Services fall under "Technical Consulting". Please correct me if I am wrong.


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