Special provision for computing profits and gains of profession on presumptive basis - (New) Section 58 / (Old) Section 44ADA

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....fessions (Doctors, Lawyers, Engineers, etc.) • Eligible Assessee - Specified Assessee • Turnover Limit - • Up to Rs.50 Lakh (standard) or • up to Rs.75 Lakh (if cash receipts are ≤ 5% of the Total Turnover of Gross Receipt).  • Income of Specified Profession   • Higher of (a) and (b) • (a) 50 % of Gross Receipt • (b) profit claimed to have been actually earned • "Specified profession" means-- • (a) legal, medical, engineering, architectural, accountancy, technical consultancy, interior decoration, information technology or company secretary; or • (b) any other profession, as ma....

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....wed deduction in respect of depreciation thereon for each of the relevant tax years. [ Section 58(6) ] (d) Advance tax Obligation • Under Section 408(2), if assessee declare profits according to section 58(2) (Table: Sl. No. 1), assessee must pay your full advance tax for the current tax year by 15th March. This tax should be calculated following the manner specified in section 405.[ Section 408(2) ] • If assessee fail to pay your advance tax or if the amount paid by 15th March is less than the total tax due on your returned income then assessee liable to pay 1% simple interest per month on the shortfall. [ Section 425(3) ] Under Section 44ADA of the Income Ta....

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....ering • Legal • Architectural profession • Accountant • Medical • Technical consultant • Interior business • Other notified professionals such as • authorized representatives, • film artists [ Refer explanation (c) of Rule 6F of Income Tax Rules ] • Film artist means any person engaged in his professional capacity in the production of a cinematograph film whether produced by him or by any other person, as  • (i) an actor;  • Stunt Artist is not a Actor -  No stunt artist is not actor and it does not covers in the meaning of Film artist for the purpose of sec....