What is Presumptive Income Scheme?
To give relief to small taxpayers from tedious bookkeeping work, the Income Tax Act has framed the Presumptive Taxation scheme under Section 58 of IT Act 2025 (Sections 44AD, 44AE and 44ADA of IT Act 1961). A person adopting the Presumptive Taxation scheme can declare income at a prescribed rate and is relieved from the job of maintaining books of account.
If my total income including Salary and Business exceeds Rs 3 Crores, am I eligible under Presumptive scheme?
Yes, you can opt for this scheme. The threshold limit of Rs 3 Crores is applicable only to business income and Rs 75 Lakhs to Professional income. Total income including salary is not the determining factor.
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. Starting from FY 2020-21, this threshold is increased to Rs 5 Crores (and Rs 10 Crores for FY 2021-22 onward) if cash transactions do not exceed 5% of total receipts or payments. Businesses opting for the Presumptive Income Scheme do not require a Tax Audit for turnover up to Rs. 2 Crores.
How can I send documents?
You can send soft copies of the required documents to support@eztax.in or upload the documents directly on the EZTax website.
What is the Draft computation sheet?
It is your Income Tax computation sheet prepared by EZTax — a summary of your Income Tax computation details prepared before filing, for your review and approval.
How to give confirmation to draft sent by EZTax?
After receiving the draft from EZTax.in through email, you can simply reply to that email with your confirmation or any comments to proceed further.
What is ITR-V acknowledgement?
ITR-V stands for Income Tax Return Verification Form. You receive ITR-V when your Income Tax Return is filed online. It serves as the official acknowledgement of your e-Filing.