a doctor in india,his income will be considered as
Answers
Answer:
it is variable
it may be 50000 rs
also it may be around 50000 rs
Answer:
Anyone with total income of more than Rs 2.5Lakhs in a financial year must file an income tax return. Total income means income earned from all sources – such as salary, rental income, professional income, interest income etc.
Explanation:
When you opt for presumptive taxation. Your income is ‘presumed’. Actual profit is not calculated. You can assume your profits to be 50% of your receipts. However, only those who have annual receipts of Rs 50lakhs or less can opt for this scheme. If your annual receipts exceed Rs 50lakhs, you must report them and deduct actual business expenses to compute profit (or loss). This profit may be less or more than 50% of receipts. Those who opt for presumptive taxes do not have to compute or report actual profits. Presumptive taxation for doctors has been introduced effective FY 2016-17. This scheme is available to individuals and HUF, if you are incorporated as a company, your profits cannot be presumptive. Also, you must be Resident in India as per the income tax act.
Rajesh is a doctor and has his own practice in Mumbai. He also works as a consultant in many reputed hospitals. He earned an income of ₹40 lakh in FY2016-17, that is between 1 April 2016 and 31 March 2017. In the normal course of things, without the benefit of presumptive tax, Rajesh’s taxable income (the amount she would need to pay tax on) would be something like this.