Are you a small Business owner / Freelancer ? Are you not maintaining books of accounts ? Take advance of Presumptive Taxation by declaring a Set percentage of profit on turnover.
The plan is designed to help businesses and professionals opting for presumptive taxation scheme or small taxpayers earning casual income like tuition income etc. TaxPlanner experts shall help you assess your tax liability and file your income return.
The filing shall be done under the presumptive taxation scheme of Income Tax Act declaring a set percentage of profit on the turnover/ receipts.
Interest and Dividend Income declaration.
Claim of tax savings investment - If any
Rental Income from single-house property.
Businesses having annual turnover under Rs. 2cr and declaring income above 8%(no audit)
Professionals & Freelancers having annual gross receipts under Rs. 50 lakh and declaring income at 50% or above(no audit)
Any other person having casual income.
This plan is equipped with end-to-end online fulfillment via our expert. No hassle, 100% Digital.
Purchase of Plan
Review computation sheet
Return filed & acknowledgement generated
Business or Profession
Bank statements for the financial year
Form 26AS Tax Credit Statement
Income and Expense statements
Bank statement if interest received is above Rs. 10,000/-
Annual Information Statement
Only proprietors, Hindu Undivided Families(HUFs) and general partnership firms can opt for the scheme.
The benefits include:
No requirement to maintain books of accounts
No requirement to get accounts audited.
No need to assess advance tax, advance tax is paid by 15th March of the previous year.
Note:Any amount paid by way of advance tax on or before 31st day of March is also treated as advance tax paid during the financial year ending on that day.
Note: The scheme applies only to resident assessee who is an individual, HUF, partnership but not limited liability partnership
If you declare income less than 8% of turnover and your income exceeds Rs. 2,50,000 (Individual Tax Slab), then you are required to maintain the books of account as per the provisions of section 44AA and has to get accounts audited as per section 44AB.
If your case falls under above category, you should opt for our Business ITR(Regular) plan.
There are certains businesses which are explicitly not allowed to claim the benefits under the scheme.
Any business involved in the renting, hire or plying of goods carriages
Any business related to agencies
Individuals who receive commission or income related to brokerage
Any individual who is involved in any profession mentioned under section 44AA(1)
Insurance agents, since any income they receive is via commission
Yes, return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier.
Filing of revised return is not part of the plan.
Plan buyer is required to provide full and accurate details to avoid the need for any rectification in the originally filed return.
Yes, under the Income-tax Act legal proceedings can be initiated up to 4 to 6 years (depending upon case to Expert'se) prior to the current financial year.
However, in certain Expert'ses the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return for at least 6 years or maintain it as long as possible.
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