Small Taxpayers (Businesses & Professionals) whose account are not liable to Audit can avail the benefit of Presumptive Taxation Scheme and file their Income Tax return on or before 31st July 2018.
Benefits of Availing Presumptive Taxation Scheme
i) No requirement of maintaining books of accounts
ii) 8% of the Gross receipt or total turnover treated as income in case of business by Individual, HUF or Partnership (in case of amount received through account payee cheque / draft or through digital transaction only 6% is treated as income) having turnover less than 2 Crores.
iii) 50% of the gross receipts to be treated as income in case of professionals having turnover less than 50 lakh
iv 7500/·per goods carriage per month subject 10 maximum limit of 10 goods carriages) is deemed as income in case of persons engaged in the business of plying, hiring or leasing of goods carriages.
e-filing of income Tax Return is compulsory for –
- lndividuals & HUF having total income exceeding 5 lakhs or claiming any refund in the return (excluding Individuals of the age of 80 years or more who are furnshing return in the Form No. ITR-1 or ITR·2)
- lndividual or HUF, being a resident other than not Ordinarily resident having any foreign asset/ income or claiming any foreign lax relief
- Persons filing ITR in Form No.3,4,5,7
• For e-filing return of income log on to https://incometaxindiaefiling.gov.in
Benefits of Presumptive Taxation Scheme
Jaitely has tinkered with this scheme as well by adding the condition of 5 yrs.
Dear Sirs & Madams, why no one is protesting for 50% presumptive income u/s.44ADA. There is no rationale behind this move. Anyone show me one business where 50% net is available. If it is true, then every one of us must be doing that business only.