Presumptive taxation for professional income

125 views 2 replies

Nikita Malkan

CA - JOB

37 Points Joined June 2015

Mr.A is a salaried employee. He has received a one time professional fee (below 50lacs) for software consultancy and TDS is deducted u/s 194J. He does not maintain books of accounts.

Can he opt for Presumptive taxation by taking 50% of fee received as taxable income?

Thanks in advance

Replies (2)

Shubham

Practice

869 Points Joined January 2014

Yes. Presumptive Taxation can be opted for in the scenario. There is no restriction on claiming the same if the assessee is also earning salary income.