Presumptive Taxation

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374 Points Posted on 18 April 2020
I am individaul business man opted for presumptive taxation my turnover is 4000000 and income is 6 percent 240000 should I file returns?


If it is 6000000 and income is 360000 then should I file returns?
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On 18 April 2020 at 22:10 Report
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This discussion clarifies whether individuals opting for presumptive taxation need to file an Income Tax Return. It explains that if your turnover exceeds £40,00,000 or £60,00,000, and your income surpasses the basic exemption limit of £2,50,000, you are required to file. The 6% profit rate applies to digital payments, while 8% is the standard for non-digital transactions under Section 44AD.

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10 Points Posted on 18 April 2020
Yes 6 %for digital payment option.
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On 18 April 2020 at 22:56
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374 Points Posted on 18 April 2020
I asked should we file returns or not
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On 18 April 2020 at 22:58
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10 Points Posted on 18 April 2020
If you have not digital payment opted so ' you go with sections 44ad as per 8% profit with should you have file return.
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On 18 April 2020 at 22:59
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284 Points Posted on 19 April 2020
Yes sir you have to file Your Income Tax Returns You Have crossed Basic exemption Limit 250000/-
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On 19 April 2020 at 18:16

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