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 44ae
How to estimate income of goods carriage business – Section 44AE
Business of plying, hiring or leasing goods carriage has two options to calculate it's business income. It can either choose the normal method of calculating business income by preparing books of account, profit and loss account and balance sheet or choose the presumptive taxation scheme to estimate income under section 44AE.If you are opting for presumptive scheme under … [Read more...] about How to estimate income of goods carriage business – Section 44AE