Presumtive Income
No need to maintain the detailed "Books of Accounts"
Who can take the benefit of Presumtive Income?
PART A - Section 44ADA - Professionals
Engineers (Software Engineers / Freelancers), Accountants, Doctors, Lawyers, Interior designer & Architect, Technical consultants
You can choose to declare 50% of your Gross Receipts as your Income
Two Conditions
1. Applicable to Individuals, HUF and Partnership firm
Exlcludes - LLP and Companies
2. Gross Receipts should be less than 50L
If the Gross Receipts is more than 50L - Compulsory audit is required u/s 44AB wherein a CA will file tax audit report in form 3CB/CD
PART B - Section 44AD - Business
Two Conditions
1. Applicable to Individuals, HUF and Partnership firm
Exlcludes - LLP and Companies
2. Turnover / Gross receipt is less than 2 Crores
Declare 8% or 6% of the Turnover/ Gross receipt as income.
PART C - Income from Stock market
Income to be declared on presumtive basis shall be 6% of the turnover, because all transaction will be processed by elecronic mode
PART D - Quick Tips
1. Gross receipt - Amount received in the bank account including GST if any
2. Open a separate Current account or SB account
3. Loss from stock market trading - Please get your books Audited and claim losses
4. If you wish to switch from Presumptive scheme (i.e. 44AD) to normal scheme (i.e. 44AB), then for the next 5years presumptive scheme cannot be opted
5. 100% of tax liability as Advance tax to be paid by 31st March to avoid interest
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0.00 - Introduction
1.28 - Part Division
