Income Tax Compliance for Earnings above INR 50 Lakhs: What You Need To Know | Tax Professional Blogs | Scoop.it
From blog.saginfotech.com - January 12, 6:14 AM

When an individual's professional receipts reach Rs 50 lakhs, opting for the Presumptive Tax under Section 44ADA is beneficial. In such circumstances, the individual must prepare a profit and loss statement, and a balance sheet, and be audited by a practising Chartered Accountant. This page describes the income tax compliance requirements for professionals earning more than INR 50 lakhs in India.