💼 Presumptive Taxation – Making Tax Compliance Easier for Small Businesses 📊✨ by Return Filings Via Flickr:
Running a small business or working as a self-employed professional? The Presumptive Taxation Scheme can save you time, reduce paperwork, and simplify your tax payments.
🔍 What is Presumptive Taxation? It’s a simplified tax method where you pay tax on a fixed percentage of your turnover/receipts — no need to maintain detailed books of accounts or get a tax audit (if eligible).
✅ Who Can Use This Scheme?
Section 44AD → Businesses with turnover up to ₹2 crore
Section 44ADA → Professionals with receipts up to ₹50 lakh
Section 44AE → Transport businesses (up to 10 vehicles)
📌 How is Tax Calculated?
8% of turnover (6% for digital payments) under 44AD
50% of receipts under 44ADA
Straightforward calculation = fewer compliance headaches!
🌟 Benefits ✔ No detailed bookkeeping 📂 ✔ No tax audit (if conditions met) 📑 ✔ Predictable and transparent tax process ✔ Lower compliance costs 💡
⚠ Limitations: Once you opt in under 44AD, you must follow it for 5 years. Certain businesses like commission agents & e-commerce sellers aren’t eligible.
🔗 Read full details with visuals: Flickr Post 📌 Also on Pinterest: Presumptive Taxation Guide
