Description
Not Required to maintain Books of Accounts for your Business? Don’t know your exact income? File presumptive income return u/s 44AD/44ADA/44AE using this plan.
Who can file Income Tax return under presumptive income scheme?
- Resident Individual
- Resident Hindu Undivided Family
- Resident Partnership Firm (not Limited Liability Partnership Firm)
- In other words, the scheme cannot be adopted by a non-resident and by any person other than an individual, a HUF or a partnership firm (not Limited Liability Partnership Firm)
- Further, this Scheme cannot be adopted by a person who has made any claim towards deductions u/s 10A/10AA/10B/10BA or u/s 80HH to 80RRB in the relevant year.
Services Covered
- Assistance on Income tax Queries like issues relating to deduction, tax saving etc.
- Filing of Income Tax return
- Assist in payment of challan for discharging tax liability
- Review of Computation of tax and file return once approved by you
For Whom this plan is?
- Any Individual, HUF or Partnership Firm (not LLP) whose Turnover or Gross receipts from Business does not exceed 2 crores (Sec 44AD) and wishes to declare profit 8% or above of Gross receipts or Turnover
- The Presumptive taxation scheme of section 44AE can be adopted by a person who is engaged in the business of plying, hiring or leasing of goods carriages and who does not own more than 10 goods vehicles at any time during the year. (Sec 44AE)
- Professionals & Freelancers having Annual Gross receipts under Rs. 50 lakh and declaring income at 50% or above(no audit) (Sec 44ADA) and wishes to declare Profit from Profession 50% or above of Gross receipts.
Documents Required
- Details such as PAN card no, AADHAAR CARD
- Bank details such as Account no., IFSC code
- Bank Account statement
- Proofs of Investments such as LIC premium paid, fees of children etc
- Details of any Advance Tax deposited
- Gross receipts during the year along with detail of other incomes and expenses
- Any other detail as required
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