Small Taxpayers- Avail benefits of Presumptive Taxation Scheme- CBDT

Small Taxpayers (Businesses&Professionals) should file their return on or before 31st july 2018 (Due date for filing Income Tax Return for A.Y. 2018-19). File Early Beat The Rush

Small Taxpayers (Businesses & Professionals) whose account are not liable to Audit can avail the benefit of Presumptive Taxation Scheme and file their Income Tax return on or before 31st July 2018.

Benefits of Availing Presumptive Taxation Scheme

i) No requirement of maintaining books of accounts

ii)  8% of the Gross receipt or total turnover treated as income in case of business by Individual, HUF or Partnership (in case of amount received through account payee cheque / draft or through digital transaction only 6% is treated as income) having turnover less than 2 Crores.

iii)  50% of the gross receipts to be treated as income in case of professionals having turnover less than 50 lakh

iv 7500/·per goods carriage per month  subject 10 maximum limit of 10 goods carriages) is deemed as income in case of persons engaged in the business of plying, hiring or leasing of goods carriages.

e-filing of income Tax Return  is compulsory for –

1. lndividuals & HUF having total income exceeding 5 lakhs  or claiming any refund in the return (excluding Individuals of the age of 80 years or more who are furnshing return in the  Form No. ITR-1 or ITR·2)
2. lndividual or HUF, being a resident other than not Ordinarily resident having any foreign asset/ income or claiming any foreign lax relief
3. Persons filing ITR in Form No.3,4,5,7

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