Presumptive Taxation

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.