About this plan
This plan is designed for small business owners, professionals, and transporters with moderate turnover/receipts who want to file their Income Tax Return under the Presumptive Taxation Scheme (Section 44AD, 44ADA, or 44AE). It helps reduce compliance burden as there is no need to maintain detailed books of accounts or get an audit done (if conditions are met). This plan ensures accurate filing and full compliance with presumptive taxation rules.
Services Included
- Expert consultation to assess applicable presumptive section (44AD, 44ADA, or 44AE)
- Tax computation based on presumptive income rules
- Business code and nature validation
- Preparation & Filing of ITR- 4
- Get a dedicated relationship manager during service fulfillment.
- Calculation as per both the Tax Regime and selection of one which is best for you
- Expert Assisted Tax Filing. | Call 011 45626514
Who Should Buy
How It's Done
This plan is equipped with end-to-end online fulfillment via our expert. No hassle, 100% Digital.
3 Days Estimate
- Upload Documents on Vault
- Review computation sheet
- Get ITR-V after e-filing
Documents Required
FAQs
What is Business Income?
Business income refers to the profits earned from trading, manufacturing, or any commercial activity with the intention of making a profit. It includes income from the sale of goods, services, or any systematic activity carried out regularly. It is taxable under the head “Profits and Gains from Business or Profession.”
What is Professional Income?
Professional income is earned by individuals using their intellectual or specialized skills independently. It includes income of doctors, lawyers, chartered accountants, architects, consultants, etc. It is also taxed under the head “Profits and Gains from Business or Profession.”
I am a professional (like a doctor, consultant, freelancer) with annual receipts below ₹5 lakhs. Which ITR form should I file?
You can file ITR-4 (Sugam) if you opt for presumptive taxation under Section 44ADA and fulfill other conditions like no maintenance of books of accounts.
I am a transporter owning less than or equal to 3 vehicles. Can I declare income under presumptive taxation?
Yes, under Section 44AE, if you own up to 10 goods vehicles, you can declare a fixed income per vehicle per month. With 3 or fewer vehicles, you are eligible for presumptive taxation.
I am running a small business with a turnover of less than ₹40 lakhs. Do I need to file an ITR?
Yes, if your total income exceeds the basic exemption limit, you are required to file an Income Tax Return (ITR), even if your turnover is below ₹40 lakhs.
I do not maintain books of accounts. Am I still eligible to file ITR?
Yes, under the presumptive taxation scheme (Section 44AD/ADA/AE), taxpayers are not required to maintain books of accounts. This scheme is ideal for small businesses, professionals, and transporters.
I have income from salary (less than ₹1 crore) and some fixed deposit interest. Can I club all incomes in one return?
Yes, you can include salary income, interest income, and business/professional income in one return. You will need to use the appropriate ITR form (most likely ITR-4, if eligible under the presumptive scheme).
What is income from house property and how is it taxed?
Income from House Property is possible in these Exper:
- Rental Income on a let out property
- Annual Value of a property which is deemedâ?? to be let out for income tax purposes ( when you own more than one house property)
- Annual Value of the property which is self occupied, which is Nil
- Under section 24 of the Income Tax Act you are allowed to make certain deduction from the Net Annual Value of your House Property. Net Annual Value is Gross Annual Value less Municipal Taxes Paid. In case the property is let out, its rent received is your Gross Annual Value, whereas in case of a deemed to be let out property, a reasonable rent of a similar place is your Gross Annual Value. For a self occupied house property the Gross Annual Value is Nil. Read more about House property income and its taxation Here
I have interest income from savings and FDs. Is this taxable?
Yes, interest from fixed deposits is fully taxable, and interest from savings accounts is taxable after exemption of ₹10,000 under Section 80TTA (for non-senior citizens).
Which ITR form should I use for business turnover up to ₹40 lakhs without books of accounts?
If you are eligible under the presumptive scheme (Section 44AD), you may use ITR-4 (Sugam). If not eligible, you may need to file ITR-3.
Is GST registration necessary to file ITR under presumptive taxation?
No, GST registration is not mandatory for filing ITR, but if your business is otherwise liable for GST, you must comply separately.
Do I need to get my accounts audited if turnover is below ₹40 lakhs?
Audit is not required under presumptive taxation if turnover is below ₹2 crores (for businesses) and ₹50 lakhs (for professionals) and you declare income as per presumptive rates.
Are Audit and Financial statements preparation covered in the plan?
Audit & preparation of financial statements is not part of the plan.
Is revised return covered under the plan?
Revised return filing on account of incorrect information provided by the assessee during the original return filing shall not form part of the plan.
What If I am filing my returns on TaxSmooth and filling is not able to be completed before filing before deadline, who is supposed to bear the penalty?
Please note that when a taxpayer files their returns on TaxSmooth post deadline, the penalty, which can be up to Rs.5,000, has to be borne by the taxpayer. TaxSmoothwill not be responsible for the penalty that you are liable to pay to ITD.
If I am filing my belated returns on TaxSmooth, who is supposed to bear the penalty?
Please note that when a taxpayer files their belated returns on TaxSmooth, the penalty, which can be up to Rs.5,000, has to be borne by the taxpayer. TaxSmooth will not be responsible for the penalty that you are liable to pay to ITD.