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What % Presumptive income should I apply?

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Ajith Kumar

1 Points Posted on 01 August 2023

Hi,

I work as a freelance consultant and TDS is deducted under 190-J against my professional fees which is 10%.

When filing my returns what % should i opt in presumptive income.

Thanks in Advance!!

Kumar

Replies (3)

Quick Summary

As a freelance consultant, you're wondering what percentage to apply for presumptive income when filing your tax returns, especially when TDS is deducted at 10% under Section 190-J. For professional income, Section 44ADA of the Income Tax Act allows you to declare 50% of your gross receipts as your profit. This means you can opt for a 50% presumptive income calculation.