Mr. A is having income total receipt from brokerage & comission (real eatate) for A.Y.2011-12 Rs.400,000/-
And TDS from his brokerage income is Rs. 18000/-
Normally his Net taxable income reduced by allowable expenses comes to 294000/- Tax there on is Rs.13802/-
and refund Rs.4198/-
IF HE OPTS The Presumptive Business Income Tax scheme and fill his Tax return with ITR-4S,
his Net taxable income can be presume at 8% ie. Rs. 32000/- and that is below exemption limit.
and he will be liable for a refund of Rs.18000/-
CAN Mr.A OPT FOR 44AD Presumptive tax scheme & claim a higher refund)