Hi,
How presumptive taxation scheme is for employers? Who gets to benefit from the scheme?
Hi,
How presumptive taxation scheme is for employers? Who gets to benefit from the scheme?
The income tax laws offer a presumptive scheme of taxation for certain professionals.
A person or business adopting this scheme is taxed at an assumed rate of income instead of the actual income.
As per Section 44ADA of the Income Tax Act, specified professionals have the option to opt for a scheme under which they can offer 50% of their gross professional receipts as taxable profits from the profession provided the gross receipts from the profession does not exceed Rs 50 lakh in the relevant year.
Under Section 44 AD, the following can benefit from this scheme
Under Sections 44ADA, professionals who are residents of India belonging to the following professions can benefit from the scheme.