Threshold limit for sole proprietory concerns
This query is : Resolved
08 January 2019
Hello Experts,
Kindly help me by giving information on threshold limit of sole propriety subject to tax audit
And also help me in understanding how & when can we file IT on presumptive income basis
Thanks
Kindly help me by giving information on threshold limit of sole propriety subject to tax audit
And also help me in understanding how & when can we file IT on presumptive income basis
Thanks
08 January 2019
Presumptive income not applicable
Section 44AD Conditions
The scheme of section 44AD is designedto give relief to small taxpayers engaged in any business,except the following businesses:
Business of plying, hiring or leasing of goods carriages referred to in section 44AE.
A person who is carrying on any agency business.
A person who is earning income in the nature of commission or brokerage
Apart from above discussed businesses, a person carrying on profession as referred to in section 44AA(1)is not eligible for presumptive taxation scheme. The firm or individual’s gross receipt or annual turnover in the previous year should not have exceeded Rs.2 crores.
Section 44AD Conditions
The scheme of section 44AD is designedto give relief to small taxpayers engaged in any business,except the following businesses:
Business of plying, hiring or leasing of goods carriages referred to in section 44AE.
A person who is carrying on any agency business.
A person who is earning income in the nature of commission or brokerage
Apart from above discussed businesses, a person carrying on profession as referred to in section 44AA(1)is not eligible for presumptive taxation scheme. The firm or individual’s gross receipt or annual turnover in the previous year should not have exceeded Rs.2 crores.
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