{"id":108684,"date":"2022-07-15T11:46:45","date_gmt":"2022-07-15T06:16:45","guid":{"rendered":"https:\/\/legalwindow.in\/?p=108684"},"modified":"2022-07-15T12:17:19","modified_gmt":"2022-07-15T06:47:19","slug":"presumptive-taxation-scheme-for-freelancers-it-professionals","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/presumptive-taxation-scheme-for-freelancers-it-professionals\/","title":{"rendered":"Can IT Freelancers\/Professionals Use the Income Tax Presumptive Scheme?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-108689 size-full\" title=\"Presumptive Taxation Scheme for Freelancers\/ IT professionals\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Can-IT-FreelancersProfessionals-Use-the-Income-Tax-Presumptive-Scheme-1.png\" alt=\"Presumptive Taxation Scheme for Freelancers\/ IT professionals\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Can-IT-FreelancersProfessionals-Use-the-Income-Tax-Presumptive-Scheme-1.png 1200w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Can-IT-FreelancersProfessionals-Use-the-Income-Tax-Presumptive-Scheme-1-600x315.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Can-IT-FreelancersProfessionals-Use-the-Income-Tax-Presumptive-Scheme-1-300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Can-IT-FreelancersProfessionals-Use-the-Income-Tax-Presumptive-Scheme-1-1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Can-IT-FreelancersProfessionals-Use-the-Income-Tax-Presumptive-Scheme-1-768x403.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><br \/>\nIf you work as a freelancer, professional, or consultant, you are only required to pay income tax on half of your gross annual income. You can accomplish this by utilizing Section 44ADA of the <\/span><span style=\"font-weight: 400;\">Income Tax Act, 1962<\/span><span style=\"font-weight: 400;\">,\u00a0Presumptive Taxation Scheme. The only stipulation is that your total annual income should be less than 50 lakh. In this article we\u2019ll discuss Presumptive Taxation Scheme for Freelancers\/ IT Professionals.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before we shall move on to discuss upon<a href=\"https:\/\/legalwindow.in\/what-presumptive-taxation\/\" target=\"_blank\" rel=\"noopener\"> Presumptive Taxation<\/a> Scheme for Freelancers\/ IT Professionals. Let us first discuss about Presumptive Taxation and also, we should be aware of the process about how the Freelancer\u2019s earns money.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Table of Content<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Key\"><span style=\"font-weight: 400;\">Key Abstract<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Presumptive\"><span style=\"font-weight: 400;\">Presumptive Taxation under Income Tax Act, 1962<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Benefits\"><span style=\"font-weight: 400;\">Benefits to File Returns under Presumptive Tax<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Claiming\"><span style=\"font-weight: 400;\">Claiming expenditures under 44ADA<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Presumptive\"><span style=\"font-weight: 400;\">Presumptive scheme u\/s 44ADA for Professionals<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Who\"><span style=\"font-weight: 400;\">Who is eligible for this scheme?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Specified\"><span style=\"font-weight: 400;\">Specified Professions as per Section 44ADA<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Can\"><span style=\"font-weight: 400;\">Can IT professionals take advantage of the 44ADA presumptive scheme?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Why\"><span style=\"font-weight: 400;\">Why is this scheme advantageous to the professionals who choose it?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Presumptive\"><span style=\"font-weight: 400;\">Presumptive Taxation Scheme for Freelancers\/ IT Professionals<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Takeaway\"><span style=\"font-weight: 400;\">Takeaway<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Key\"><b>Key Abstract<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">For professionals, the government has implemented a new presumptive taxation scheme (Section 44ADA), under which professionals can file a return declaring 50% of their gross receipts (up to 50 lakhs) as income, and after deducting section 80 deductions, professionals must pay tax on the balance total income.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Architectural professionals, interior decorators, advertisers, and technical consultants are among the creative professionals who are eligible to participate in this scheme. Even if you receive income from a foreign client in your foreign bank account, it will be taxed in India if you are a resident of India.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you pay taxes on your foreign income in that foreign country, you can claim tax relief on that income (which was taxed twice) when filing your return in India under the DTAA signed between India and that foreign country.\u00a0 Presumptive taxation is the use of indirect methods to calculate tax liability, in which taxable income is calculated using assumptions rather than actuals. In this case, the professional is required to declare a certain percentage of its gross professional income as income and pay a certain percentage of it as tax.<\/span><\/p>\n<p><span id=\"Presumptive\" style=\"font-weight: 400;\">According to the Finance Act,\u00a02016, professionals (as notified by the CBDT) having gross earnings of up to 50 lakhs for the fiscal year April 1st, 2016 to March 31st, 2017 can elect presumptive taxation. Also applies for all fiscal years following fiscal years 2016-17.<\/span><\/p>\n<h2><b>Presumptive Taxation under Income Tax Act, 1962<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Section 44ADA provides for the presumed calculation of profits from profession.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Under the heading &#8220;Profits and gains of business or profession,&#8221; &#8220;an amount equal to or more than 50% of total gross revenues&#8221; will be judged to constitute the gain from such profession.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In other words, if a person is a designated professional with gross income of less than or equal to Rs. 50 lakhs, Sec 44ADA applies to him!<\/span><\/p>\n<p><span id=\"Benefits\" style=\"font-weight: 400;\">According to section 44ADA, he must give at least 50% of his gross earnings as profit, i.e. the amount on which tax would be charged. Alternatively, the government regards 50% of your gross earnings as costs and 50% as profit.<\/span><\/p>\n<h2><b>Benefits to File Returns under Presumptive Tax<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The following are some benefits under Presumptive Tax:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Simple to File:<\/b><span style=\"font-weight: 400;\"> The tax form is significantly shorter and simpler to file than a lengthy 30 page <\/span><a href=\"https:\/\/legalwindow.in\/itr-filing-for-individuals\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">ITR<\/span><\/a><span style=\"font-weight: 400;\"> form.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Save money:<\/b><span style=\"font-weight: 400;\"> Instead of engaging a tax expert, professionals may now submit their own tax returns. Consultants often charge between Rs. 5000 and Rs. 15000 for such filings.<\/span><\/li>\n<li id=\"Claiming\" style=\"font-weight: 400;\" aria-level=\"1\"><b>Save Tax:<\/b><span style=\"font-weight: 400;\"> Most professionals do not have a lot of costs to disclose. A lot of tax savings may be obtained by claiming 50% of income as profit and the remaining 50% as cost.<\/span><\/li>\n<\/ul>\n<h2><b>Claiming expenditures under 44ADA<\/b><\/h2>\n<p><span id=\"Presumptive\" style=\"font-weight: 400;\">Any deduction covered by sections 30 to 38, i.e. costs spent in relation to your <\/span><span style=\"font-weight: 400;\">business<\/span><span style=\"font-weight: 400;\"> or profession, is presumed to have already been given effect, and no deduction under those sections is permitted. This implies that once income is offered for taxes under this clause, it is no longer possible to claim rent, transportation, telephone bills, and so on. However, <\/span><a href=\"https:\/\/legalwindow.in\/income-tax-deduction-under-section-80ccc-in-india\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">deductions<\/span><\/a><span style=\"font-weight: 400;\"> under Chapter VIA (Sec 80C, 80D, and so on) such as LIC, PPF, and Medical claim will continue to be permitted.<\/span><\/p>\n<h2><b>Presumptive scheme u\/s 44ADA for Professionals<\/b><\/h2>\n<p><span id=\"Who\" style=\"font-weight: 400;\">Section 44ADA allows some professionals to use this system to compute their taxable income. A taxpayer can provide 50% of their gross professional earnings as taxable profits under this arrangement. However, such a person may claim income in excess of 50%. If a taxpayer argues that his or her earnings are less than 50%, he or she will be forced to keep books of accounts and undergo a tax audit. A person who chooses the presumptive taxation plan is presumed to have claimed all costs. After claiming a profit of 50%, no further deduction claims are permitted.<\/span><\/p>\n<h2><b>Who is eligible for this scheme?<\/b><\/h2>\n<p><span id=\"Specified\" style=\"font-weight: 400;\">This plan is open to any resident individual or partnership firm engaged in certain professions. Non-residents, <\/span><a href=\"https:\/\/legalwindow.in\/limited-liability-partnership-llp\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">LLPs<\/span><\/a><span style=\"font-weight: 400;\">, and HUFs are not eligible for this plan. This plan is available to designated professionals with gross receipts of up to Rs 50 lakhs in a fiscal year.<\/span><\/p>\n<h2><b>Specified Professions as per Section 44ADA<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Section 44ADA defines the following occupations as being eligible for the presumption scheme:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Legal<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Health-related<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Architectural or engineering<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Accounting<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Technical assistance<\/span><\/li>\n<\/ul>\n<h2 id=\"Can\"><b>Can IT professionals take advantage of the 44ADA presumptive scheme?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Yes, IT workers may take use of the presumption plan. U\/s 44ADA The CBDT has often alerted professions that can profit from the presumed plan. The following people were notified:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The authorized representative profession<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The occupation of film artists (actor, cameraman, director, music director, art director, dance director, editor, singer, lyricist, story writer, screen play writer, dialogue writer and dress designer)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Job of a Company Secretary<\/span><\/li>\n<li id=\"Why\" style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Information Technology Profession<\/span><\/li>\n<\/ul>\n<h2><b>Why is this scheme advantageous to the professionals who choose it?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Apart from assuming that taxable income is 50% of gross receipts\/revenue. It has the following advantages:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Does not require the keeping of books of accounts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Individuals that choose the programme can pay advance tax on or before the 15th of March of the fiscal year.<\/span><\/li>\n<li id=\"Presumptive\" style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Opting out of the programme is not restricted, unlike the 5 year restriction on enterprises opting for the presumed system under Section 44AD.<\/span><\/li>\n<\/ul>\n<h2><b>Presumptive Taxation Scheme for Freelancers\/ IT Professionals<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Over and above the presumptive taxation structure, all Section 80 tax-saving deductions and investments can be claimed. This Section 44ADA, Presumptive Taxation scheme is available to freelancers, professionals, and consultants who earn a living by delivering their services and knowledge.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But what if you kept good records and your net taxable income is less than half of your gross total revenue?<\/span><\/p>\n<p><span id=\"Takeaway\" style=\"font-weight: 400;\">In this scenario, you should not use the presumptive taxation plan and instead pay tax on the taxable income after having your books audited. Such instances, though, would be uncommon. Freelancers and professionals typically do not have a large number of work-related costs to claim. As a result, the presumption that 50% of your entire income is profit works in their favor under Section 44ADA.<\/span><\/p>\n<h2><b><a href=\"https:\/\/legalwindow.in\/itr-filing-for-individuals\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-108693 size-full\" title=\"ITR Filing in 2022\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/File-your-Income-Tax-Return-through-Us.png\" alt=\"ITR Filing in 2022\" width=\"1000\" height=\"200\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/File-your-Income-Tax-Return-through-Us.png 1000w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/File-your-Income-Tax-Return-through-Us-600x120.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/File-your-Income-Tax-Return-through-Us-300x60.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/File-your-Income-Tax-Return-through-Us-768x154.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><br \/>\nTakeaway<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The Presumptive Taxation Scheme under Section 44ADA is a great alternative for IT professionals and freelancers since it decreases their compliance load. Your time and money spent on employing accountants are decreased to some extent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This approach simplifies tax computation, which leads to increased tax compliance. In the last decade or so, India has seen a surge in the number of startups, freelancers, and self-employed individuals. Previously, the Presumptive Taxation system was closed to professionals (freelancers etc). However, with the advent of Section 44ADA, even professionals can now take use of the presumptive taxation provision. It is one of the most encouraging steps taken by the <\/span><a href=\"https:\/\/incometaxindia.gov.in\/Pages\/default.aspx\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Income Tax Department<\/span><\/a><span style=\"font-weight: 400;\"> to promote self-employment. How? Because it significantly improves the &#8220;ease of doing business&#8221; in India.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you are freelancer\/ IT Professional and looking for expert opinion on Presumptive Taxation Scheme, then Connect to our Expert at <\/span><a href=\"https:\/\/legalwindow.in\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Legal Window<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you work as a freelancer, professional, or consultant, you are only required to pay income tax on half of your gross annual income. You can accomplish this&hellip;<\/p>\n","protected":false},"author":4,"featured_media":108687,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-108684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Presumptive Taxation Scheme for Freelancers\/ IT professionals<\/title>\n<meta name=\"description\" content=\"Guide on Presumptive Taxation Scheme for Freelancers\/ IT professionals. benefits, and Claiming expenditures under 44ADA.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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