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 -
https://cleartax.in/s/freelance-profe...
For detailed information on Section 44AD, click here -
https://cleartax.in/s/section-44ad-pr...
For detailed information on Section 44ADA, click here -
https://cleartax.in/s/section-44ada
To calculate income tax, 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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