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SECTION 44AD – PRESUMPTIVE TAX SCHEME FOR BUSINESSES

. Who can opt for presumptive taxation scheme under Section 44AD? All the small businesses with total turnover/gross receipts of up to Rs. 200 Lakh (except the business of plying, hiring and leasing goods carriages covered under section 44AE). Resident Individuals, HUF’s and partnership firms (but not LLP) and who has not claim deductions under … Continue reading “SECTION 44AD – PRESUMPTIVE TAX SCHEME FOR BUSINESSES”

Section 44ADA – Presumptive Tax Scheme for Professionals

. Who can opt for presumptive taxation scheme under Section 44ADA? To claim benefits of non-maintenance of Books of Account, you need to fulfill the following two conditions: 1.The person needs to be a professional, who belongs to any of the following professions: 2. legal, 3. medical, 4. engineering or 5. architectural profession or 6. … Continue reading “Section 44ADA – Presumptive Tax Scheme for Professionals”

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