Tag Archives: Income from Profession

Letter to FM regarding Presumptive Income Scheme

Dear Finance Minister,

Regarding – Presumptive Income Scheme – Income from Profession

In present Budget 2016 – 17, you rightly made a proposal for a presumptive Income Scheme by introduction of Section 44ADA in the Income Tax Act, 1962. This proposal is based on recommendations of “Income Tax Simplification Committee” constituted by Central Government under the chairmanship of Justice R. V. Easwar, Former Judge of the Delhi High Court and Former President of the Income Tax Appellate Tribunal.

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Presumptive taxation scheme for persons having income from profession

The simplified presumptive taxation scheme is extended to persons earning professional income. According to government, this scheme will help to rationalize the presumptive taxation scheme and to reduce the compliance burden of the small tax payers having income from profession and to facilitate the ease of doing business.

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