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Mahesh Padmanabhan |124 Answers |Ask -Follow

Tax Expert - Answered on Feb 03, 2023

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more

Question by Sunil on Feb 02, 2023Hindi

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I am working as a consultant with an annual Income of 10.44 L how does the new declaration effect my tax returns

Ans: Hi Sunil
As a consultant, you could opt for the presumptive taxation provisions where dependent on the nature of your activity, you could get a straight knock from your income between the range of 50% to 94%. That is a substantial reduction in taxable income and hence the tax liability as well.

You could speak with your tax consultant to understand this aspect clearly.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I am scoring around 440 in NEET 2025 OBC category. Should I participate in All India Counselling for govt college or will it be a waste of money if I don't get a MBBS govt seat as I can't afford to get into private medical college

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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