ilmscore | Prediction Details
"these guys usually take proprietorship okay and if they're taking that up to 75 lakh rupees of income they don't need to maintain any kind of a books and accounts they can claim 50% of their income as tax as tax exemplary you can say you can show it that as a taxable income okay so if I'm earning 50 lakh rupees I can show 25 lakh rupees my income and on 25 lakh I'll pay tax rest 25 lakh is assumed because this is called presumptive taxation assumed to be your expenses so I don't have to show any proof nothing right this is for a specified professional okay"
By Finance With Sharan | June 2, 2025 | Correct
From video
The Ultimate Indian Tax-Saving Masterclass (Salary, Business & Investments) | The 1% Club Show Ep62 00:23:30 - 00:24:07
Interpreted Prediction
Specified professionals operating as proprietorships with income up to 75 lakh rupees can opt for presumptive taxation, paying tax on only 50% of their income without needing to maintain books of accounts.
AI Evaluation Notes
The prediction stated that specified professionals with income up to 75 lakh rupees could opt for presumptive taxation, paying tax on 50% of their income without needing to maintain books of accounts. This is a correct description of Section 44ADA of the Income Tax Act, which allows specified professionals with gross receipts up to ₹75 lakh to declare 50% of their receipts as their income.

Prediction Details

Topic
Presumptive Taxation for Professionals

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