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A comprehensive list of frequently asked questions on Small Business Income IT Filing using Presumptive Income Scheme.
To give relief to small taxpayers from this tedious work, the Income Tax Act has framed the Presumptive Taxation scheme under sections 44AD, 44AE and 44ADA.
A person adopting the Presumptive Taxation scheme can declare income at a prescribed rate and, in turn, is relieved from tedious job of maintenance of books of account.
Yes, you can opt this scheme, the threshold limit of Rs 2 Crores is applicable only to business income and 50 lakhs to Professional income.
Every Business whose turnover is more than Rs 1 crore / Rs 50 Lakhs in specified business is required to get Tax Audit.
Update: Starting from FY 2020-21, the threshold limit, for a person carrying on business, is increased from Rs. 1 Crore to Rs 5 Crores for FY 2020-21 and Rs 10 Crores for FY 2021-22 in case when the cash receipt and the payment made during the year does not exceed 5% of the total receipt or payment, as the case may be. In other words, more than 95% of the business transactions should be done through banking channels (read as traceable electronic channels) to avoid tax audit.
Important: Businesses opting for Presumptive Income Scheme do not require a Tax Audit for upto Rs. 2 Crores
You can send the soft copies of the required documents to email@example.com or upload the documents on EZTax Website.
It is nothing, but your Income Tax computation sheet prepared by EZTax. In other words it is summary of you Income Tax computation details.
After receiving draft from EZTax.in through mail, you can revert to that mail with your opinion to proceed further.
ITR-V stands for Income Tax Return Verification Form. You will receive ITR-V when you file your Income Tax Return online.