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Tax on consultant

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How to calculate tax for a person engaged in providing consultancy services with his given details. please let me know the process
Thanks
Replies (3)

If you are asking about Income Tax for Professionals (individuals). You may simple declare 50% of your Gross receipts as your Income under Pre-assumptive scheme. You can also claims section 80 benefits.

But individual gross receipts are exceeding 50 lakhs

You are eligible for Tax Audit is such case. Audit your accounts with a practicing CA, in which you can claim more deduction/expenses.


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