What is the meaning of presumptive taxation scheme?
Debnath Mondal
Updated
As per sections 44AA of the Income-tax Act, 1961, a person engaged in business is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, sections 44ADA and sections 44AE.
A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from tedious job of maintenance of books of account.
About myITreturn.com
myITreturn.com is India's leading Tax and Compliance solutions provider. Our
solutions are used by over 3 million users and by ET & Fortune 500 companies.
Learn more about our products and services at the links given below:
Comments
0 comments
Please sign in to leave a comment.