In order to give relief, the Government has introduced presumptive income tax schemes for small businessmen and professionals.As per this scheme, taxpayers are not required to maintain books of accounts. Instead, a percentage of the taxpayer's total turnover or gross receipts will be considered as income for the financial year.However, you need to have records for … [Read more...] about Presumptive income tax scheme in India-Explained
Section 44AD
Presumptive taxation scheme for businesses – Section 44AD
In presumptive taxation scheme, an individual, HUF and partnership firm is required to disclose certain percentage or amount as their income instead of actual profit or loss.We have following three sections under which presumptive business income can be calculated;Section 44AE - Applicable to the business of playing, hiring or leasing og goods carriage Section 44ADA - … [Read more...] about Presumptive taxation scheme for businesses – Section 44AD