For tax year 2026-27, under the Income-tax Act, 2025, an eligible resident assessee carrying on a…
The prescribed percentage is 50% of gross receipts. This computes professional income; it is not a 50% rate of income-tax.
Choose your answer
For tax year 2026-27, under the Income-tax Act, 2025, an eligible resident assessee carrying on a specified profession with gross receipts not exceeding ₹ 50,00,000 in a tax year uses the presumptive scheme. The prescribed percentage of gross receipts for computing presumptive professional income is __________.
Answer and explanation
Correct answer C
The prescribed percentage is 50% of gross receipts. This computes professional income; it is not a 50% rate of income-tax.
Practice for these exams
-
Maharashtra and Goa SET (MH SET)