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Taxable income without using presumptive taxation scheme | |
Total gross income for the year from consultancy and own practice | ₹45 lakh |
Work-related expenses that he plans to claim as tax deductions
|
₹15 lakh |
Total taxable income (gross income – expenses) | ₹30 lakh |
Taxable income after availing presumptive taxation scheme | |
Total gross income for the year from consultancy and own practice | ₹45 lakh |
Presumed taxable income after availing presumptive taxation scheme | ₹22.5 lakh |
Without presumptive taxation | With presumptive taxation | ||
Taxable income – ₹30 lakh | Taxable income – ₹22.5 lakh | ||
Tax calculation as per slabs for FY16-17 | Tax calculation as per slabs for FY16-17 | ||
Income | Tax | Income | Tax |
Up to ₹2.5 lakh | ₹0 | Up to ₹2.5 lakh | ₹0 |
From ₹2.5 lakh to ₹5 lakh | ₹25,000 | From ₹2.5 lakh to ₹5 lakh | ₹25,000 |
From ₹5 lakh to ₹10 lakh | ₹1,00,000 | From ₹5 lakh to ₹10 lakh | ₹1,00,000 |
From ₹10 lakh to ₹30 lakh | ₹6,00,000 | From ₹10 lakh to ₹22.5 lakh | ₹3,75,000 |
Total | ₹7,25,000 | Total | ₹5,00,000 |