Professionals mentioned in the section can pay tax on their gross receipts under section 44ADA, and they can opt for this scheme only if their total income does not exceed Rs.75 lakhs under the revised /increased limit.
Income Tax for Freelancers
income tax for freelancers
Frequently Asked Questions
Taxpayers can file return in the ITR -4 form (Sugam) for those who opt for the presumptive taxation under section 44AD, 44ADA, and 44AE.
No, the maintenance of accounts depends on whether you breach the limit as mentioned in Section 44AA. If you exceed the limits, then you might need to maintain the books of account.
You have an option to maintain books of accounts under accrual system only if tax audit provisions are not applicable to you. If tax audit provisions are applicable then you need to maintain books of accounts under accrual system.
If provisions of tax audit report are applicable to you then the due date for filing of returns is 31st October, in any other case, the due date for filing of return will be 31st July.
Yes, in case of business you can opt for presumptive taxation upto the limit of Rs. 2 crores or the increased limit of Rs. 3 crores if the cash receipt does not exceed 5% of the total receipts.