Last year, in order to make income tax compliance easier for professionals such as doctors, lawyers and CAs, the government had introduced presumptive tax scheme under Section 44ADA of the Income Tax Act. It is applicable for professionals who have gross professional receipts up to Rs 50 lakh in a financial year.
Shailesh Kumar, Director– Direct Taxation contributed an article on Small service providers need to get benefit of presumptive scheme for Financial Express.
