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Calculate tax under Section 44ADA presumptive taxation with GST & advance tax
50% of gross receipts deemed as income (if receipts ≤ ₹50L)
Taxable Income
₹10,00,000
Income Tax
₹50,000
Total Tax (incl. cess)
₹52,000
Effective Tax Rate
₹5
%
Additional Tax Payable
₹52,000
ITR Form:
Freelancers with gross receipts ≤ ₹50 lakh per year. Covers specified professions: legal, medical, engineering, architecture, accountancy, technical consultancy, interior decoration, or any other notified profession.
50% of gross receipts is deemed as taxable income. No need to maintain books of accounts. Standard deduction under Section 80C, 80D, etc. can still be claimed against the deemed income.
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