If a Proprietorship business having turnover less than 1.5 crore have choosen to take benefits of presumptive taxation scheme.
1) Accounting is required or not? He can make ledgers, party outstanding balance and purchase payable etc by himself.
And all other details required for GST return filing.
2) Audit not required for turnover upto 2 cr.
3) Tax payable @ 6% on turnover as all payments are received by cheques, neft or rtgs.
4) He can opt for GST return quarterly filing as turnover below 1.5cr.
Kindly check what I have stated is correct or not, and is there any other benefits to avail for small business?
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Presumptive Taxation Scheme
Replies (3)
For point No. 1
You have to prepare proper books of accounts as from this year onwards evenif you file return under presumptive scheme you have to report specific figures of balance sheet as mentioned in ITR
1. No need. Also You can keep Your books of Accounts as Your regards. But, In ITR 4 Cash, Stock, Sundry Debtors and Creditors Balance is required.
2. Yes... Not required.
3. Yes... You can if You received Your all payments through Banking mode.
4. Yes... He can.
2. Yes... Not required.
3. Yes... You can if You received Your all payments through Banking mode.
4. Yes... He can.
Good explaination point by point....
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