New Delhi, June 3 -- As the income tax return (ITR) filing window opens, many self-employed professionals can take advantage of the presumptive taxation scheme outlined in Section 44ADA of the Income Tax Act. This specific provision was explicitly introduced to reduce complicated tax compliance tasks for small, independent professionals.

Under this framework, eligible taxpayers are allowed to declare just 50% of their gross annual receipts as taxable earnings. By opting in, they can completely skip the tedious process of maintaining exhaustive books of accounts, provided they meet all underlying legal criteria.

The presumptive taxation route under Section 44ADA is reserved strictly for resident individuals, Hindu Undivided Families (HUF...