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ITR WITH INCOME UNDER PRESUMPTIVE TAXATION SCHEME (ITR-4)

ONLY at ₹1,499/- all inclusive*

Inclusions:

  • Filing of ITR -4
  • Preparation of Computation
  • Tax Planning

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    List of Documents required

    • Business Income Details
    • Income Tax Login Credentials
    • Balance Sheet
    • Bank Account No and IFSC Code
    • Tax Saving Investments and Deductions

    HOW DOES IT WORKS?

    L

    ANSWERING YOUR QUERIES

    What is section 44AD?

    Presumptive taxation for businesses is covered under section 44AD of the income tax act. Any business which has a turnover of less than Rs 2 crore can opt to be taxed presumptively. They must declare profits of 8% for non-digital transactions or 6% for digital transactions, whichever one is applicable.

    Should a person offering income presumptively maintain books of accounts?
    • No. A person opting for presumptive income scheme under Section 44AD, 44ADA, 44AE etc, need not maintain any books of accounts.
    What compliances has to be done if the income is less than the % for 44AD or 44ADA?

    In such scenario, the assesse has to get his accounts audited by a practicing CA and file the compliances accordingly

    Who is not eligible for the scheme?

    The following businesses are excluded from presumptive taxation:

    a. Life insurance agents.

    b. Commission of any kind.

    c. Running the business of plying, hiring or leasing goods carriages.

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