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Presumptive taxation scheme
Mr. X is an individual having manufacturing business with Turnover of Rs. 90 lacks. And other income of Rs. 5 lacks and 2 lacks including sale of fixed assets & interest on fixed deposit respectively (related to his business). He opts for Presumptive taxation scheme. Now my question is whether his business income is 8% of 97 lacks or 95 lacks? I.e. whether interest on FD shall be included in calculation of Business income under PTS or it will come under “Other Sources”.
Replies (3)
Sale of fixed assets is not included in turnover. Interest earned is excluded unless the same is part of business income.
8% Of 90 lac should form part of business income.You are not require to maintain any BOA unless you claim your business income lower than PTS income.Interest & income from sale of fixed asset assumed to not form part of business income.They form part of OS and CG respectively.
IF FIXED assets that were sold were related to business and the block has not ceased to exist than CG would also not be applicable.
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