Income Tax for freelancers & professionals

Income Tax Income from Business or Profession
3

Hi @Latesh_Bayad

  1. A person engaged in a profession as prescribed under section 44AA(1) cannot adopt the presumptive taxation scheme of section 44AD. Income Tax Act mentions certain professions if you fall into that category then you are not allowed to take the benefit of Section 44AD (Presumptive Taxation Scheme For Businesses).
  2. Yes you can import your trades from Zerodha. Reach out to us on Quicko | Contact Us so someone from our team can get in touch with you for details, process, pricing, and discounts of Expert Assisted filing
  3. You don’t need to pay 3000 as tax to be paid shall be the net tax liability after claiming Rebate u/s 87A. Yes, the rebate covers STCG as well.

Hope this helps :slightly_smiling_face: