Package is best suitable for Doctor, Lower, Engineer, Architectural Profession, Artist, Technical Consultant Etc.
Income Tax filing for professional person like Doctors, Lawyers, Interiors decorator, Artist etc. is very important and should be very careful and consider so many aspect during filing. If professional having receipt less than Rs. 50 lacs must adopt section 44ADA where their Income calculate on presumptive basic as @50% of receipt consider as net profit and if professional think that their Income is below 50% of receipt than they have to get their account audit and net profit or loss as per audited account tare consider as net profit or loss and then need to pay tax accordingly. We make my filing team have team of tax professional who guide accurate tax filing procedure and provide hassle free tax filing services
The presumptive taxation scheme of sections 44ADA can be adopted by a person resident in India who is carrying on specified profession whose gross receipts do not exceed Rs. 50 lacs in a financial year. Following professions are specified profession:
In case of professionals who are adopting the provisions of sections 44ADA, income will be computed on presumptive basis, i.e. @ 50% of the total gross receipts of the profession. However such person can declare income higher than 50%.In other words, in case of a person adopting the provisions of sections 44ADA, income will not be computed in normal manner but will be computed @50% of the gross receipts
No, a person who adopts the presumptive taxation scheme is deemed to have claimed all deduction of expenses as per act. Any further claim of deduction is not allowed after declaring profit @ 50%. However the assessee can claim deduction under chapter VI-A
Any person who opting for the presumptive taxation scheme under sections 44ADA is liable to pay whole amount of advance tax on or before 15th March of the previous year. If he fails to pay the advance tax by 15th march of previous year, he shall be liable to pay interest as per sections 234B and section 234C.Note: Any amount paid by way of advance tax on or before 31st day of March shall also be treated as advance tax paid during the financial year ending on that day.
In case of a person engaged in a specified profession as referred in sections 44AA(1) and opts for presumptive taxation scheme of sections 44ADA, the provision of sections 44AA relating to maintenance of books of account will not apply. In other words, if a person opt for the provisions of sections 44ADA and declares income @50% of the gross receipts, then he is not required to maintain the books of account in respect of specified profession.
A person have option to declare income at lower rate (i.e. less than 50%), however, if he does so, and his income exceeds the maximum amount which is not chargeable to tax, then he is required to maintain the books of account as per the provisions of sections 44AA and has to get his accounts audited as per sections 44AB.