Presumptive Income of Professionals

Applicable for Financial Year 2016-17 (AY 2017-18)

IF Gross Receipts upto 50 lacs

  • 50% of Receipts will be Profit
  • No need for Audit
  • No need to maintain books of accounts

If Professional says that his profit less than 50%,then compulsory books of accounts and compulsory audit

Advance Tax Due Dates (FY 2016 - 17)

Due Date % of Tax
15-Jun 15%
15-Sep 45%
15-Dec 75%
15-Mar 100%

Change in Budget

Advance Tax Due Dates (FY 2017 - 16)

Due Date % of Tax
15-Jun 0%
15-Sep 0%
15-Dec 0%
15-Mar 100%

 

  1. Tax Practical
  2. Budget Amendments - Changes in 2017-18
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About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 6 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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