Presumative Taxation for salary and freelancing income

Can I avail presumative Taxation if my gross income is more than 50Lakhs but income speratly from salary and professional income is less than 50Lakhs, Can I still avail presumative Taxation for my freelancing income? And salary income in normal Taxation
My salary income is 40Lakhs and freelancing income is 17Lakhs. Will I be able to file itr4 with 44AD and make my total Taxable Income as 48.5Lakhs?
Thanks
Vignesh

Hey @Vignesh054 ,

To opt for Presumptive Taxation Scheme under Section 44ADA, the following two conditions should be satisfied:

  1. The gross receipts of the profession should be less than or equal to INR 50 lacs.
  2. The taxpayer should report 50% or more of the gross receipts as income in the ITR.

Hence, you can take the benefit of 44ADA by filing ITR-4 for professional freelancing income and don’t need to maintain books of accounts.

Further, there’s no harm to take benefit and both salary & professional income has to be reported in ITR.

Here, you can read below article for more insights about presumptive taxation and calculation of taxable income:

I hope, this helps :slightly_smiling_face:

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