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Presumptive Taxation

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Abhishek Selvam O

258 Points Posted on 14 April 2020

If I am a'soleproprietor and.my turnover is 40 lacs then I should mandatorily maintain books if I havent maintain books then is presumptive taxation is the only option?

Replies (3)

Quick Summary

If you're a sole proprietor with a turnover of £40 lakh and haven't maintained books of account, presumptive taxation might be your only option. This scheme allows individuals, HUFs, and Firms to report a minimum profit of 8% or 6% without a full audit. However, if you have maintained books and your turnover is below the tax audit threshold, you can report your actual profit.

sabyasachi mukherjee

Profession

19978 Points Posted on 14 April 2020

Please send your details at sabyasachimukherjee7098 @ gmail.com.
your accounts and filing returns is my responsibility.

Spurto Consultancy Services

Consultant

1366 Points Posted on 14 April 2020

An individual, HUF or Firm may opt for presumptive taxation and report minimum profit @ 8% or 6% as applicable or else get books of accounts audited.

However if an individual is maintaining books of accounts and turnover is less than the tax audit limit then he can report his actual profit under the head business or profession.

sabyasachi mukherjee

Profession

19978 Points Posted on 14 April 2020

An individual, huf and firm has resorted for presumptive taxation , he can easily check whether gross receipts from sale of goods and services is inclusive of gst or not.