Our goal is to simplify the complex world of regulations, so you can focus on what you do best – growing your business.

Gallery

Contact

+91 8700560573

A-59A, First Floor, Lajpat Nagar 2, New Delhi -110024

contact@saralfiling.com

Twitter Facebook-f Pinterest-p Instagram

ITR with Presumptive Income

File your Income under the head of presumptive tax returns and maintain compliance seamlessly through SaralFiling. Get a Dedicated Accountant and LEDGERS compliance platform for your business.
  • Tax Planning
  • Preparation of Computation
  • Filing of ITR-4

    • Introduction :

    The Presumptive Taxation System (PTS) offers a simplified approach to income tax filing, allowing small businesses and professionals to save time and effort. By adopting this scheme, individuals can estimate their income based on a predetermined percentage of their turnover or receipts, eliminating the need for maintaining detailed books of account. This article explores the concept of presumptive taxation, its benefits, eligibility criteria, and the process of registering for income tax returns under this scheme.

    What is Presumptive Tax Scheme?

    Presumptive Taxation System operates on the premise that income can be measured on an expected basis rather than the actual income earned. Instead of maintaining daily books of account, individuals can choose to claim revenue at a specified rate, simplifying the tax filing process. The Income-Tax Act, 1961, specifies various presumptive taxation schemes, including Section 44AD, Section 44ADA, Section 44AE, Section 44BB, and Section 44BBB, catering to different categories of taxpayers.

    Benefits of Presumptive Income Tax Scheme

    • Exemption from maintaining books of accounts:
      Under the presumptive tax scheme, small taxpayers are relieved from the burden of maintaining detailed financial records, saving time and resources.
    • No requirement for auditing accounts:
      Unlike regular taxpayers, individuals availing the presumptive scheme are not obligated to undergo a tax audit.
    • Simplified advance tax payment:
      Presumptive taxpayers are not required to assess and pay advance taxes throughout the year since the advance tax is paid by March 15 of the previous year.
    • Eligibility criteria-driven:
      The scheme caters to businesses with a turnover of up to ₹1 crore and qualifying professionals with gross receipts of less than ₹50 lakh, ensuring that small taxpayers can benefit from this simplified tax filing method.

    Eligibility Criteria for Presumptive Income Tax Filing

  • Businesses with an annual turnover of less than ₹2 crores, opting for an income above 8%.
  • If 95% receipts and payouts are done digitally having less than Rs.10 Crores income and opting for an income of below 6%.
  • Freelancers and professionals with annual gross receipts of less than ₹50 lakh, estimating their income at 50% or above.
  • Individuals with casual income.

    • Conclusion

  • The Presumptive Income Tax Scheme provides a simplified and efficient method for small businesses and professionals to file their income tax returns. By estimating income based on a predetermined percentage, individuals can save time, eliminate the need for complex bookkeeping, and fulfill their tax obligations with ease. To benefit from this scheme, it is crucial to understand the eligibility criteria, maintain necessary documents, and ensure accurate reporting. Simplify your tax filing process today by embracing the Presumptive Taxation System.
  • Remember to consult with a tax professional or refer to the official guidelines from the Income Tax Department for specific queries or any recent updates.

    • All Inclusive Price of

    ₹ 3,999/- Only

    Request a Callback

      Frequently Asked Questions

      Know the answer to your Questions!

      Non-compliance with Indian regulations results in penalties, legal actions, reputation damage, and business disruptions. Our experts review your operations, documents, and practices for compliance. We provide detailed reports and recommendations for corrective measures

      At SaralFiling- We offer a comprehensive range of compliance services in India, including but not limited to tax compliance, GST compliance, company law compliance, labor law compliance, intellectual property compliance, and regulatory compliance specific to your industry.

      At SaralFiling- We provide ongoing compliance monitoring and support to help your business maintain regulatory Compliance. Our team stays updated with Ammeding laws and regulations, conducts regular compliance checks, and provides guidance and support to address any compliance gaps or issues that may arise.

      Our team of experts can assess your industry, business operations, and specific regulatory requirements to determine the compliance services you need. We provide personalized consultations to understand your unique needs and recommend the most relevant compliance services for your business.

      Enquire now!