About this Plan
As per section 44ADA of the Income Tax Act under Presumptive Taxation Scheme, income tax can be paid by the freelancer, professional or consultant on half of their gross annual income however the total income should be less than Rs. 50 lakhs. This scheme has been introduced by the government for professionals. Under this scheme, return can be filed by the professionals declaring 50% of their gross receipts as income after deducting section 80 deductions. If you fall under the eligibility criteria and interested in obtaining the advantage of this scheme then our team of experts can file return on your behalf.
Services Covered
- Expert Consultation
- Document Collection
- Income Tax Return Preparation
- Income Tax Return Filing
Who should go for it?
To compute the taxable income, every business entity needs to maintain book of accounts along with profit & loss statement which need to get evaluated at the end of the financial year. Therefore government came up with Presumptive Taxation Scheme in order to reduce the compliance burden and provide relief to small assesses. Regular maintenance of books of account is not required for those who are adopting the provisions of Section 44AD. Auditing of books of accounts is also exempted under this provision. For this, ITR-4 Form is filed.
Steps Covered
- Check Eligibility Criteria
- Collection of necessary documents
- Log in on the website of Income Tax Department using login credentials
- Claim deductions
- Filing of prescribed i.e Form ITR-4
