Tag: Income Tax on Professionals

post-Tax Implications if Professional Income is more than 50 Lakhs
Tax Implications if Professional Income is more than 50 Lakhs

If the professional receipts of a person are more than Rs. 50 Lakhs – the benefit of Presumptive Tax under Section 44ADA cannot be taken. In such a case, the person would be required to prepare a Profit & Loss...

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post-Section 44AD & 44ADA: Presumptive Taxation in 2022
Section 44AD & 44ADA: Presumptive Taxation in 2022

To reduce the burden of compliance of small taxpayers, the govt provides for a scheme of Presumptive Taxation which is very easy to understand and comply with. Under the scheme of Presumptive Taxation, the small taxpayers are not required to...

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