you are not liable to pay TDS, as you are sole proprietor , the profit you earned after deducting expense is your income, on that you have to pay tax.
you are required to pay advance tax.
Advance Tax : Installments & Due Dates w.e.f. 01.04.2016
Due Date Advance Tax Installment Amount
15th June At least 15% of Tax on total income for the year.
15th September At least 45% of Tax on total income for the year less advance tax already paid.
15th December At least 75% of Tax on total income for the year less advance tax already paid.
15th March 100% of Tax on total income for the year less advance tax already paid.
If Advance Tax is not paid in full for installments falling due on 15th June, 15th September and 15th December, interest at the rate of 1% on the short amount for 3 months is to be paid u/s 234 C.
you can also pay tax on presumptive tax basis under section 44ADA
The presumptive taxation scheme is available only to the individual taxpayers. The HUF and partnership firms also got the entry but it is NOT for the company and LLP.
The presumptive taxation scheme is available to almost every professional.
if your total annual turnover from profession exceeds ?50 lacs, You can’t enjoy the presumptive taxation scheme under section 44ADA.
The Applicability section 44ADA starts from the financial year 2016-17. The professional can claim presumptive taxation relief from the April 2017.
The presumptive Assessment rate for the professionals is 50%. It means out of ?100 earning, ?50 is considered as the profit.
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