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Tax Treatment for Professionals

CS GK Murty (Company Secretary) (225 Points)

11 December 2009

What is the tax slab for professionals like CA/CS for A/Y 2010-11? I mean respective proprietorship firms.

Would you throw some light as to what are the standard deductions he/she can avail in terms of tax planning?

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9 Replies

Sandeep Keswani (Tax Consultant) (1064 Points)
Replied 11 December 2009

There are no seperate tax slabs for professionals (except the limit prescribed for compulsory audit u/s. 44AB, which is 10 lakhs for professionals). Otherwise all tax slabs and rates are the same as in case of other individuals

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Hareesh H Sharma (Cleared IPCC..now article) (894 Points)
Replied 11 December 2009

Ya there are no separate limit

Amol Gopal Kabra (CA,CS,DISA) (Practicing CA) (8539 Points)
Replied 11 December 2009

Tax slabs are not decided on the type of business or profession of the assessee. It is decided on the type of the person. So, there need not be separate slabs for professional as compared to others. The tax rates applicable for individuals are applicable for professionals carrying on proprietorship basis..

CS GK Murty (Company Secretary) (225 Points)
Replied 12 December 2009

thanks a lot.

CA. Megha Topiwala (Job) (1534 Points)
Replied 12 December 2009

Agree with Sandeep

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Gauav Aggarwal (ACA) (374 Points)
Replied 16 December 2009

Tax Slab depends on the INCOME

Sumit A. Raval (Student) (190 Points)
Replied 23 December 2009

I also agree with others. But if U are asking for the salary to the partners than its different from tax slab....

manjari (Article ) (56 Points)
Replied 25 December 2009

hey krish, the tax calculation for u as a professional vl remain same but if u wanna save ur tax, then just buy some buks.... n claim dep. on them every year. buks par 100% dep. hota hai. so claim deduction of dep. every year on the same buks again again just by changing their covers every year.