Which businesses are not eligible for presumptive taxation scheme?
The scheme of section 44AD is designed to give relief to small taxpayers engaged in any business, except the following businesses:
- Business of plying, hiring or leasing goods carriages referred to in sections 44AE.
- A person who is carrying on any agency business.
- A person who is earning income in the nature of commission or brokerage
- Any business whose total turnover or gross receipts exceeds two crore rupees.
Apart from above discussed businesses, a person carrying on profession as referred to in section 44AA(1) is not eligible for presumptive taxation scheme under section 44AD.
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:
Income-Tax Return Filing | Notice Assistance | TDS Software | TDS Outsourcing | Form-16 Software
For the latest news and insights on taxation, follow us on social media:
LinkedIn | Facebook | Instagram | Twitter | YouTube | Threads |
WhatsApp (myITreturn | eTDS ZIP)