Management Consultacy Income less tahn 50 lacs - Presumtive schem
My professional consultancy Income and Management consultant is less tha rs 20 lacs for
AY 2018-19,
My CA states as under,
Pls guide me whether I fall under the presumptive Scheme category being a Management Consulatant/Professional
Rgds
Santhanam fm Mumbai
__________
While yes, there is a presumptive scheme available for professionals with several concessions like NIL documentation and lower tax, it is pertinent to note that the scheme is restricted to the following professions :-
A person resident in India engaged in following professions can take advantage of presumptive taxation scheme of section 44ADA:-
1) Legal
2) Medical
3) Engineering or architectural
4) Accountancy
5) Technical consultancy
6) Interior decoration
7) Any other profession as notified by CBDT {so far notified : Authorised Representatives, Film Artists, Company Secretary, Profession of Information Technology (IT) }
Yours being a management consultancy does not fall within the purview of any of the above.