Home > IT Service Plans > Presumptive Income Tax Filing Service Plan & PricingLast Updated: Jun 03rd 2021

Presumptive Income Tax Filing Service Plan & Pricing

Service

  • Expert assisted Income tax filing for individuals with MSME business turnover below Rs. 2 Crore, profession turnover below Rs. 50 Lakhs, along with single or multiple house properties, single Form-16s, and interest income.
  • If you have more turnover than above, that is either require a tax audit or otherwise, choose Business Income Tax Filing Plan
  • Expert support through Email, phone & chat during the business hours.

Who should buy?

  • Individuals with business turnover below Rs. 2 Crore Or Profession turnover below Rs. 50 Lakhs.
  • Suits for Freelancers, Professionals, doctors, lawyers, advocates, accountants, engineers, contractors in practice.

Process

  • Upon receiving the documents, our expert will call you before starting the process.
  • Expert team will exchange the information thru email and phone calls, if necessary.
  • Team will send you the Draft Computation Sheet for further review.
  • Once confirmed, team will e-File your return, and send you the ITR-V acknowledgement.
  • Estimated Processing Time: 1-2 Days

Documents to be Submitted

  • PAN Card Copy or related information.
  • Aadhaar Number.
  • Full Address or Aadhaar Copy.
  • e-mail ID & Mobile Number.
  • Bank Account Number & IFSC Code.

  • Bank statement with business or profession transactions.
  • GST turnover details (if applicble)
  • Business or Profession details.
  • Investments, Sales and Purchase details.
  • Any other incomes, Investments or Savings details.
  • Form 26AS or Income Tax login credentials.

Other Benefits

Every Service comes with the benefits such as

  • e-File & PDF Report
  • e-Verification Assistance
  • Post Service Followup

Important Links

Expert Assisted

Presumptive Income

Rs.1999
Business having Annual Turnover of Rs. 2Cr. and not liable for a Tax Audit. Profession turnover below Rs. 50L
  1. Business / Profession turnover upto Rs. 50 Lakhs - Rs. 1999
  2. Business turnover between Rs. 50L to Rs. 1 Crore - Rs. 2499
  3. Business turnover between Rs. 1 Crore to Rs. 2 Crores - Rs. 2999

24% Discount included

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Presumptive Income IT Filing FAQs

A comprehensive list of frequently asked questions on Presumptive Income IT Filing.

1.What is 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.

2.If my total income including Salary and Business exceeds Rs 2 Crores, Am I eligible under Presumptive scheme ?

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.

3.Who is liable for Tax Audit?

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

4.How can I send documents ?

You can send the soft copies of the required documents to support@eztax.in or upload the documents on EZTax Website.

5.What is the Draft computation sheet ?

It is nothing, but your Income Tax computation sheet prepared by EZTax. In other words it is summary of you Income Tax computation details.

6.How to give confirmation to draft sent by EZTax ?

After receiving draft from EZTax.in through mail, you can revert to that mail with your opinion to proceed further.

7.What is ITR-V acknowledgement ?

ITR-V stands for Income Tax Return Verification Form. You will receive ITR-V when you file your Income Tax Return online.