I'm an upcoming A0 at T1 firm. I was excited to receive an offer from the Cap Marks team but in the past few months, reading a lot of threads on LI and also interacting with a few people I feel that Cap Marks is just very overworked.

Is it the same with other practice areas in T1 firms or is Cap Marks the winner of "the worst work-life balance and zero weekends" award?

I am an upcoming associate at a tier 1 law firm in Mumbai. I am confused about the income tax structure and the benefit of 44ADA which is available to professionals. Can anyone from the industry with experience help me out on this? Here are a few doubts which I have:

1. Can I claim other exemptions apart from 44ADA like 80C or 80GG (rent) etc.

2. Does the fact that 50% of my income is deemed "expense" mean that it should reflect in my bank account (for example if I earn 1lakh per month, does it mean that my bank account should reflect that I do not have more than 50k since I am claiming it as an expense)

I had also referred a CA regarding this and he gave me an example of the tax breakup which goes like:

Assuming the package is of 16 LPA. So by 44ADA, 50% is deducted and the taxable income is 8L. On this 8L, no other deductions can be claimed so by applying new regime, it comes to 36,400 (0-3L: no tax, 3-6L: 5% i.e. 15,000 and 6-8L: 10% i.e. 20,000 plus cess 4%)

Is this how the tax is paid or is there a different practice which goes around?

There is also another thread on LI about this but I didn't quite get it so looking for answers from experienced people with simplified version.