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
| Particulars | CASH | BANK | TOTAL |
| TURNOVER | 800000 | ||
| PROFIT % | 50% | ||
| PROFIT | 400000 |
| Particulars | Amt |
| Income from Salary | |
| Income from House Property | |
| Profit and Gains of Business and Professions | 400000 |
| Incoem from Other Sources | |
| Gross Total income | 400000 |
| Less | |
| Deduction Under 80C | |
| Deduction Under 80TTA | |
| Net Total income | 400000 |
| Tax | 7500 |
| Rebate | 0 |
| Net Tax | 7500 |
| Cess @ 3% | 225 |
| Tax+Cess | 7725 |