What is the Presumptive Taxation Scheme (PTS) for Professional and who can benefit from it?

Section 44ADA of the Income Tax Act provides a simplified method of taxation for small professionals with gross receipts under Rs 75 lakh (revised from Rs 50 lakh).

Under this scheme, professionals such as interior decorators, engineers, doctors, lawyers, and others can declare 50% of their gross receipts as income, without the need to maintain detailed books of account or undergo audit.

If a professional's income is lower than 50% of gross receipts, they can choose to maintain books and get accounts audited. By opting for Section 44ADA, professionals can reduce their compliance burden and simplify their tax calculations.​​