Filing I-T returns under 'presumptive taxation' may lower tax liability

Professionals will need to maintain detailed records if they fall under the ambit of service tax

While the presumptive taxation scheme (PTS) introduced for professionals and freelancers will help to lower their tax liability, there will be little relief for them from maintaining accounts if they come under the ambit of service tax.

While the presumptive taxation scheme (PTS) introduced for professionals and freelancers will help to lower their tax liability, there will be little relief for them from maintaining accounts if they come under the ambit of service tax.

This assessment year onwards, professionals with a turnover of Rs 50 lakh or less can file returns under Section 44AA (1) of PTS. They need to consider 50