Can a salaried person use presumptive tax for ₹1 lakh freelance income?
Salaried individuals earning freelance income can opt for presumptive taxation under Section 44ADA if their work qualifies as a specified profession. With gross receipts of ₹1 lakh, they can declare 50% as taxable income without claiming additional deductions for minor expenses. This option simplifies tax filing but may face scrutiny if actual expenses are significantly lower than the presumptive amount.