Different Presumptive Income Schemes Summary

Transcript

PRESUMPTIVE INCOME SCHEMES SUMMARY Section 44AD It is applicable to Business (Shop/Factory) If turnover upto 2 Crores Direct 8% of Turnover is Profit for cash Sales and 6% for Non cash sales We can show more than 8%/6% also Section 44ADA It is applicable to Professions (Doctor/CA/Adsvocate etc) If turnover upto 50 lacs Direct 50% of Turnover is Profit for both cash and bank turnover We can show more than 50% also Section 44AE It is applicable to Goods Transport Agency If number of trucks upto 10 For Small Truck upto 12000 Kg 7500 pm is Profit For Large Truck more than 12000 Kg-1000 pm per mt is Profit Note No Scheme is applicable for Agency Business (Commission Agent/Insurance Agent ,Property Agent) They cant claim 44AD/44ADA/44AE Scheme They cant fill ITR 4 ,they have to Fill ITR 3 Compulsorily