Presumptive income scheme is applicable for Camera Hiring Business

Yes you can u/s 44AD of the Income Tax Act 1961.

You can file ITR under presumptive taxation under section 44AD upto turnover below 2 crores.
Minimum profit must to declare will be -
8% on turnover receipts in cash
6% on turnover receipts cheque/digital mode.
Any thing more than this %age is ok

Dear Kapadia sir,

Thank you for your reply..
And I did not understand the receipts in cash and cheque condition.

AND how many years I should file returns in Presumptive income scheme, if I opt for presumptive income scheme now.

AND what will be accounting treatment for expenses incurred in books of account.

Grateful if you could help me with some concrete advise on the Section 44 bit So, I have am talking about both a proprietorship and partnership involved construction equipment.

If turnover is less than Rs.2Cr, are there any hassles to apply under presumptive taxation and charge at 6% of Gross Receipts I assume gross receipts exclude GST on rent or sale.

I am also assuming GST is not part of the topline or revenue when you compute P&L There are some occasional mentions where AO still asks for books of accounts despite being under Section 44. Is that easily defendable, esp if there is a likelihood that actual profits are above 10%

If it’s a partnership (under Section 44), is the net income of the partnership taxed at 6% and then post tax, the profit which then gets distributed to individual partners are tax free in their income statement?

What are the deductible for a firm, is interest and salary to partners deductible before computing presumptive taxes?