Resident Indian professionals including software engineers, freelancers, doctors, lawyers, accountants, designers, consultants, and technical service providers with gross receipts up to ₹75 Lakhs (provided cash receipts don't exceed 5%).
No. If you declare 50% or more of your gross receipts as taxable profit, you are exempt from maintaining books of accounts under Section 44AA and tax audit under Section 44AB.
Assessees declaring income under Section 44ADA can pay 100% of their advance tax in a single installment on or before 15th March.
Yes. 50% is the minimum presumptive profit. If your actual profit is higher, you can declare and pay tax on a higher percentage. This is common when a freelancer knows their real margin is above 50%.
Yes — the presumptive income calculation under 44ADA is the same under both regimes. The calculator lets you pick New or Old Regime to compare your final tax liability before you decide.
All professional fees billed during the financial year, mostly excluding GST collected and reimbursements of out-of-pocket expenses. If gross receipts cross the limit, normal books of accounts and audit rules apply.
It depends on your deductions, home-loan interest and investments. Compare both outputs in this calculator, and for personal tax advice email rautprajwal36@gmail.com.