Presumptive taxation attractive for mid-size professionals4 min read . Updated: 10 Mar 2016, 02:51 AM IST
Any professional who falls within the criteria of the scheme is required to offer at least 50% of her gross receipts to tax as her professional income
One of the key proposals in this Budget has been the introduction of a presumptive taxation scheme for professionals. This had been one of the recommendations of the Justice Easwar Committee, which has been accepted, though in a modified form. A similar presumptive scheme has been in existence for many years for small businesses. How does the new scheme work, and how would it impact professionals?
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