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Presumptive Income Scheme

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Full Tax Compliance. Complete Peace of mind.

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Full Tax Compliance. Complete Peace of mind.

Get the right answer to your tax questions!

Small taxpayers, traders, whole sellers, retailers, professionals engaged in their own trade such as doctors, lawyers, accountants, engineers, free-lancers, self-employed individuals can find the best protection from the vagaries and risks of fluctuating business revenue by opting for the Presumptive Taxation Scheme. Get in touch with a Tax Expert now!

Plan Description

Businesses and traders whose annual turnover does not exceed Rupees 2 crore are given special relief by the Income Tax Department’s Presumptive Taxation Scheme under Section 44AD.

Professionals (as classified by the Board of Indirect Taxes) with total receipts before taxation up to Rupees 50 lakhs can also prefer to have their income taxes returned under this scheme.

The benefit is that you will be taxed at a fixed rate for a certain period until you can get up on your feet.

Who is this Plan for?

Small taxpayers such as traders, wholesalers or other businesses, professionals such as doctors, lawyers, engineers, architects, accountants, technical consultants, IT professionals, Interior Designers, Company Secretaries or artists can opt to be taxed in this manner.

What Do I Get?

  • Call-back from a tax expert and advice on documents to be submitted.
  • Tax scrutiny and double checking for discrepancies in figures.
  • Validation by a professional CA.
  • Identification and Computation of tax liability.
  • Preparation of summary sheet.
  • E-filing of income tax return.

Why Choose Us?

  • You get the benefits of comparative advantage obtained through specialization.
  • Obtain top-of-the-line tech-enabled tax preparation services from one of the leading government certified e-return intermediaries in the country.
  • Unmatched affordability across the industry.
  • Highly experienced tax experts dedicated to your success.

How to Proceed?

  • Sign up with us or call our Toll-Free number. We’ll create a record of your tax implications.
  • Buy one of our subscriptions based on your tax profile.
  • Receive a call back from the CA assigned to you.
  • Depending on your completed profile you would be asked to submit documents to enable the CA to process your returns, apply deductions, income tax slabs, and tax exemptions or manage books of accounts.
  • The tax expert prepares your return, verifies it with you and submits it to the tax department.

FAQ

taxation
What is the meaning of presumptive taxation scheme?

According to Section 44AA of the Income-tax Act, 1961, a person engaged in business is required to maintain regular books of account in certain specified cases. To provide relief to small taxpayers from such hassles, a provision for presumptive taxation under Sections 44AD, 44ADA, and 44AE.

A person opting to be assessed under the presumptive taxation scheme can declare income at a prescribed rate and obtains relief from the hassles of tedious bookkeeping.

pts
What are the eligibility conditions for adopting the PTS?

The presumptive taxation method can be adopted by the following classes of taxpayers :

  1. Resident Individual
  2. Resident Hindu Undivided Family
  3. Resident Partnership Firm (not Limited Liability Partnership Firm)

This scheme, therefore, cannot be adopted by a non-resident and by any person other than an individual, a HUF or a partnership firm (not being a Limited Liability Partnership Firm).

Finally, this Scheme cannot be adopted by any person claiming deductions under section 10A/10AA/10B/10BA or under sections 80HH to 80RRB in the relevant year.

section-44ae
Who cannot opt to be taxed under PTS?

The following types of businesses cannot opt to be taxed under PTS:

  • The business of plying, hiring or leasing goods carriages referred to in sections 44AE.
  • A person who is carrying on any agency business.
  • A person who is earning income in the nature of commission or brokerage
  • Any business whose total turnover or gross receipts exceeds two crore rupees.

Certain professionals as referred to in section 44AA(1) are also not eligible for the PTS.

commercial
What documents would I be required to submit before e-filing?
yers such as traders, wholesalers or

Apart from the PAN number of the commercial entity, you will be advised of the documents you would be required to send when you receive a phone call from our advisor and/or expert.

For enquiries, call us on

:1800 419 9661