To give relief to small assesses, government has come out with a simple scheme known as presumptive taxation scheme. Under Presumptive taxation scheme, persons engaged in business of plying, leasing or hiring of trucks are required follow the conditions as laid down in section 44AE of Income Tax Act 1961 to calculate their tax liability. To claim benefits of section 44AE … [Read more...] about Section 44AE – Presumptive taxation for businesses of plying, leasing or hiring trucks
Presumptive Taxation
Section 44AD – Presumptive basis of calculating business profit
Section 44AD has been inserted with effect from assessment year 2011-2012 into Income Tax Act . Any one fulfilling conditions that are laid down in section 44AD can calculate their business profit as 8% of the gross receipt or turnover. Who are eligible to take benefit of Section 44AD As specified in section 44AD of IT act, following persons will be eligible to calculate … [Read more...] about Section 44AD – Presumptive basis of calculating business profit