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Practical Income Tax
Important Changes in Income Tax 2019 -20

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?

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 12 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.