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

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

Change in Budget

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

 

Example

A Doctor has Gross Receipts of 800000 from his clinic

Some customers paid by debit card of 100000 and remaining 700000 cash

What is his Tax?

View Answer
  1. Practical Income Tax
  2. Important Changes in Income Tax 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 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .