Presumptive Income Tax Filing

Income TaxService
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Services Covered

  • CA-assisted Tax returns Filing
  • Business hours CA-Support
  • Documented follow up

Who Should Buy

  • Businesses having annual turnover under Rs. 2cr and declaring income above 8% on cash transactions /6% on banking transactions (no audit)
  • Professionals having annual gross receipts under Rs. 50 lakh and declaring income at 50% or above (no audit)
  • Any other person having casual income.

Documents To Be Submitted

  • Bank statements for the financial year
  • Income and Expense statements
  • Gross Receipts
  • Form 26AS Tax Credit Statement
  • Bank statement if interest received is above Rs. 10,000/-


Only proprietors, Hindu Undivided Families(HUFs) and general partnership firms can opt for the scheme.

The benefits include:
No requirement to maintain books of accounts
No requirement to get accounts audited
No need to assess advance tax, advance tax is paid by 15th March of the previous year. Note:Any amount paid by way of advance tax on or before 31st day of March is also treated as advance tax paid during the financial year ending on that day. Note: The scheme applies only to resident assessee who is an individual, HUF, partnership but not limited liability partnership.

If you declare income less than 8% of turnover and your income exceeds Rs. 2,50,000 (Individual Tax Slab), then you are required to maintain the books of account as per the provisions of section 44AA and has to get accounts audited as per section 44AB.
If your case falls under above category, you should opt for our Business ITR(Regular) plan.

There are certains businesses which are explicitly not allowed to claim the benefits under the scheme. They include:
Any business involved in the renting, hire or plying of goods carriages
Any business related to agencies
Individuals who receive commission or income related to brokerage
Any individual who is involved in any profession mentioned under section 44AA(1)
Insurance agents, since any income they receive is via commission

Yes, return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. Filing of revised return is not part of the plan. Plan buyer is required to provide full and accurate details to avoid the need for any rectification in the originally filed return.

Yes, under the Income-tax Act legal proceedings can be initiated up to 4 to 6 years (depending upon case to case) prior to the current financial year.
However, in certain cases the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return for at least 6 years or maintain it as long as possible.

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