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.
Only proprietors, Hindu Undivided Families(HUFs) and general partnership firms can opt for the scheme.
The benefits include:
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 Expert'se 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:
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 Expert'se 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.