Income From Business and Profession (Presumptive Income Tax Filing)

Only proprietors, Hindu Undivided Families(HUFs) and general partnership firms can opt for the scheme.

The benefits include: No requirement to maintain books of accounts No requirement to get accounts audited No need to assess advance tax, advance tax is paid by 15th March of the previous year. Note:Any amount paid by way of advance tax on or before 31st day of March is also treated as advance tax paid during the financial year ending on that day. Note: The scheme applies only to resident assessee who is an individual, HUF, partnership but not limited liability partnership

If you declare income less than 8% of turnover and your income exceeds Rs. 2,50,000 (Individual Tax Slab), then you are required to maintain the books of account as per the provisions of section 44AA and has to get accounts audited as per section 44AB.

About this plan The plan is designed to help businesses and professionals opting for presumptive taxation scheme or small taxpayers earning casual income like tuition income, interest income etc.ClearTax experts shall help you assess your tax liability and file your income return with Expert-Assistance. Services Included tick Expert-Assisted Tax returns Filing tick Business hours Expert-Support tick Documented follow up lady Who Should Buy tick Businesses having annual turnover under Rs. 2cr and declaring income above 8%(no audit) tick Professionals & Freelancers having annual gross receipts under Rs. 50 lakh and declaring income at 50% or above(no audit) tick Any other person having casual income. How It's Done This plan is equipped with end-to-end online fulfillment via our expert. No hassle, 100% Digital. 5 Days Estimate Purchase of Plan Upload documents Review computation sheet Return filed & acknowledgement generated Documents Required document-icon Bank statements for the financial year document-icon Income and Expense statements document-icon Gross Receipts document-icon Form 26AS Tax Credit Statement document-icon Bank statement if interest received is above Rs. 10,000/- document-icon Annual Information Statement FAQs Who can opt for the presumptive taxation scheme? - Only proprietors, Hindu Undivided Families(HUFs) and general partnership firms can opt for the scheme. What are the benefits under Presumptive Taxation Scheme? - The benefits include: No requirement to maintain books of accounts No requirement to get accounts audited No need to assess advance tax, advance tax is paid by 15th March of the previous year. Note:Any amount paid by way of advance tax on or before 31st day of March is also treated as advance tax paid during the financial year ending on that day. Note: The scheme applies only to resident assessee who is an individual, HUF, partnership but not limited liability partnership I am a shopkeeper and wish to declare income less than 8% of my gross turnover. How can i do that? - If you declare income less than 8% of turnover and your income exceeds Rs. 2,50,000 (Individual Tax Slab), then you are required to maintain the books of account as per the provisions of section 44AA and has to get accounts audited as per section 44AB. If your case falls under above category, you should opt for our Business ITR(Regular) plan. I am an insurance agent and my gross receipts are Rs. 40 lakh. Am i eligible under presumptive taxation scheme? - There are certains businesses which are explicitly not allowed to claim the benefits under the scheme. They include: Any business involved in the renting, hire or plying of goods carriages Any business related to agencies Individuals who receive commission or income related to brokerage Any individual who is involved in any profession mentioned under section 44AA(1) Insurance agents, since any income they receive is via commission

Yes, return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. Filing of revised return is not part of the plan. Plan buyer is required to provide full and accurate details to avoid the need for any rectification in the originally filed return.