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​What is the meaning of presumptive taxation scheme?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Hi May I know, ​What is the meaning of presumptive taxation scheme? ​

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

As per sections 44AA of the Income-tax Act, 1961, a person engaged in business is required to maintain regular books of accountunder certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD and 44AE. A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from tedious job of maintenance of books of account. For small taxpayers the Income-tax Act has framed two presumptive taxation schemes as given below: 1) The presumptive taxation scheme of sections 44AD. 2) The presumptive taxation scheme of sections 44AE.​

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

1) The presumptive taxation scheme of section 44AD. 2) The presumptive taxation scheme of section 44AE. Presumptive Taxation Scheme of Section 44AD For whom the presumptive taxation scheme of section 44AD is designed? The presumptive taxation scheme of section 44AD is designed to give relief to small taxpayers engaged in any business (except the business of plying, hiring or leasing of goods carriages referred to in section 44AE).

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Open uri20170510 32134 1c996lj?1494421732 answered

Meaning of presumptive taxation scheme As per the Income-tax Act, a person engaged in business is required to maintain regular books of account and further, he has to get his accounts audited. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD and 44AE. A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from tedious job of maintenance of books of account and also from getting the accounts audited. Meaning of presumptive taxation scheme For small taxpayers the Income-tax Act has framed two presumptive taxation schemes as given below: 1) The presumptive taxation scheme of section 44AD. 2) The presumptive taxation scheme of section 44AE. Presumptive Taxation Scheme of Section 44AD For whom the presumptive taxation scheme of section 44AD is designed? The presumptive taxation scheme of section 44AD is designed to give relief to small taxpayers engaged in any business (except the business of plying, hiring or leasing of goods carriages referred to in section 44AE). Eligible persons who can take advantage of the presumptive taxation scheme of section 44AD The presumptive taxation scheme of section 44AD can be adopted by following persons : 1) Resident Individual 2) Resident Hindu Undivided Family 3) Resident Partnership Firm (not Limited Liability Partnership Firm) In other words, the scheme cannot be adopted by a non-resident and by any person other than an individual, a HUF or a partnership firm (not Limited Liability Partnership Firm).

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

**PRESUMPTIVE TAXATION** As per sections 44AA of the Income-tax Act, 1961, a person engaged in business is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD and 44AE. A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from tedious job of maintenance of books of account. For small taxpayers the Income-tax Act has framed two presumptive taxation schemes as given below: 1) The presumptive taxation scheme of sections 44AD. 2) The presumptive taxation scheme of sections 44AE.

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