BUSINESS TAX RETURNS - PRESUMPTIVE
If you are an eligible businesses and professionals opting for presumptive taxation scheme under section 44AD/44ADA or small taxpayers earning casual income like tuition income, interest income etc. get an expert file your taxes.Businesses having annual turnover under Rs. 2cr and declaring income above 8%(no audit)Professionals Freelancers having annual gross receipts under Rs. 50 lakh and declaring income at 50% or above(no audit)Any other person having casual income.
If you are an eligible businesses and professionals opting for presumptive taxation scheme under section 44AD/44ADA or small taxpayers earning casual income like tuition income, interest income etc, get an expert file your taxes.
Businesses having annual turnover under Rs. 2cr and declaring income above 8%(no audit)
Professionals & Freelancers having annual gross receipts under Rs. 50 lakh and declaring income at 50% or above(no audit)
Any other person having casual income.
Document Required
Bank statements for the financial year
Income and Expense statements
Gross Receipts
Form 26AS Tax Credit Statement
Bank statement if interest received is above Rs. 10,000/-
Process Involved
DOCUMENTS
Receipt of the required documents
COMPUTATIO OF INCOME
Preparation of Computation of Income based on the information and documents provided
TAX PAYABLE
Calculation of Tax Payable and Payment of Taxes
PREPARATION OF RETURN
Filling of data in the ITR form
SUBMISSION OF RETURN
After ITR is being prepared the same is being submitted to Income Tax Site through XML schema and receiving Acknowledgement for the return filed.
Package Includes
Tax filing for Business Returns - Presumptive Taxation
Tax Due/Refund Status and Filing Confirmation
Frequently Asked Questions
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 assesses who is an individual, HUF, partnership but not limited liability partnership.
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 assesses who is an individual, HUF, partnership but not limited liability partnership.
There are certain 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
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