New Presumptive Tax Rule

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  1. S K Mohanty

    S K Mohanty New Member

    Sirs, I am a retired software professional now working as a software consultant on retainership basis. Am I eligible to pay tax under the new presumptive tax rule ?
     
  2. Ronak Pandya

    Ronak Pandya New Member

    As per Budget 2016, Section 44ADA has introduced, which covers the individual, HUF, partnership firm providing professional services having gross receipts upto rs.50 lakh shall allowed to presumed 50% receipts as net profit and accordingly tax will be calculated. No any other deduction will be allowed u/s 30to 38.
    Accordingly, you comes under the purview of section 44ADA
     
  3. ZED

    ZED Well-Known Member

    I think its allowable but do take a second opinion aswell.
     
  4. S K Mohanty

    S K Mohanty New Member

    Many Thanks!
     
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