Presumptive Tax | Everything a Freelancer Needs to Know

In today’s video, we will talk about presumptive taxation for freelancers and IT professionals under Section 44ADA. The presumptive scheme u/s 44ADA is a simple scheme for declaring taxable income for professionals. The scheme is optional, i.e. it is the choice of the professional to opt for either the presumptive scheme or pay tax based on books of accounts.

For detailed information on Presumptive Taxation for Business and Profession, click here -

For detailed information on Section 44AD, click here -

For detailed information on Section 44ADA, click here -

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Timestamps:

00:00 Introduction
00:33 Let’s understand what presumptive scheme is in simple terms
01:19 Understanding presumptive taxation with an example
03:03 When are you eligible for the scheme?
03:23 What happens if deductions and expenses are higher than half of the gross income?
03:44 Which ITR to file?
04:02 Conclusion

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[TheIndianModel]

I'm Shweta and I'm a successful model!! Good example :)

[tkb]

If an independent contractor provides services to a foreign company gets paid via direct bank transfer, needs GST when income above 20lakhs? The company doesn't want to pay 18%GST and bank doesn't give FIRC since the provider the company using is converting currency first and then providing money in indian currency. Please help what to do?

[abraham]

If a freelancer hires people for work, can he show their salaries as expenses?

[Ashusharmastud]

no longer valid. you have to declare actual profit if more than 50 percent.

[anjusandhu]

Mam New tax regime opt karne par bhi presumptive taxation scheme ka fyada le sakte hai Kya?