Opt for presumptive taxation

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student
20 Points Posted on 05 May 2021

An individual owning 8 goods carriages as on 1.4.2020. He sold 2 goods carriages on 1.5.2020 and purchased 4 goods carriages on 1.7.2020.  Can he opt for presumptive taxation?

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On 05 May 2021 at 01:41 Report
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An individual owns 8 goods carriages and made changes to their fleet by selling 2 and purchasing 4. The question is whether they can opt for presumptive taxation. The rule states that an individual can opt for presumptive taxation if the total number of goods carriages does not exceed 10 at any point during the financial year.

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Chartered Accountant
20 Points Posted on 05 May 2021
Yesterday individual can opt for presumptive taxation provided that the carriage must be less than 10
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On 05 May 2021 at 06:05
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Practice
20 Points Posted on 05 May 2021
Yes provided total number of goods carriage shall not exceed 10 at any time during the year.
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On 05 May 2021 at 08:12

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