About This Plan
The plan is designed to help businesses and professionals opting for presumptive taxation scheme or small taxpayers earning casual income like tuition income, interest income etc.ClearTax experts shall help you assess your tax liability and file your income return with Expert-Assistance.
Services Covered
- Expert-Assisted Tax returns Filing
- Business hours Expert-Support
- Documented follow up
Who Should Buy
- Businesses having annual turnover under Rs. 2cr and declaring income above 8%(no audit)
- Professionals & Freelancers having annual gross receipts under Rs. 50 lakh and declaring income at 50% or above(no audit)
- Any other person having casual income.
How It's Done
- Purchase of plan
- Upload documents
- Review computation sheet
- Return filed & acknowledgement generated
Information Guide
Documents To Be Submitted
- Bank statements for the financial year
- Income and Expense statements
- Gross Receipts
- Form 26AS Tax Credit StatementForm 26As can be downloaded from the income tax website or your netbanking account
- Bank statement if interest received is above Rs. 10,000/-
FAQs
- Who can opt for the presumptive taxation scheme?
Only proprietors, Hindu Undivided Families(HUFs) and general partnership firms can opt for the scheme.
- What are the benefits under Presumptive Taxation 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
- I am a shopkeeper and wish to declare income less than 8% of my gross turnover. How can i do that?
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.
- I am an insurance agent and my gross receipts are Rs. 40 lakh. Am i eligible under presumptive taxation scheme?
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
- Can I file a revised return to correct a mistake in original return filed?
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.
- Am I required to keep a copy of the return filed as proof and for how long?
Yes, under the Income-tax Act legal proceedings can be initiated up to 4 to 6 years (depending upon case to Expert'se) prior to the current financial year.
However, in certain Expert'ses 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.