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Bump bump. Would appreciate a detailed response from a senior. How is the tax scenario after you cross 50 LPA (or 75 LPA from the current FY)? Do law firm partners pay less taxes compared to their 'employee' counterparts in management, etc.?
The threshold has been increased to 75 lakh from the current FY.
First of all, open the statute and read for yourself, rather than just going by what you hear. The limit has been increased to 75 L for the current FY.
How do T1 lawyers earning more than 50LPA save on taxes since 44ADA only allows presumptive expense up to 50% of your gross income till 50LPA.