ITR Filing for Professional/Proprietor

Who can opt for the presumptive taxation scheme??

Only proprietors, Hindu Undivided Families(HUFs) can opt for the scheme..

What are the benefits under Presumptive Taxation Scheme??

The benefits include: • No requirement to maintain books of accounts • No requirement to get accounts audited • No need to assess advance tax, advance tax is paid by 15th March of the previous year. Note: Any amount paid by way of advance tax on or before the 31st day of March is also treated as advance tax paid during the financial year ending on that day. Note: The scheme applies only to the resident assessee who is an individual, HUF, partnership but not limited liability partnership .

I am a shopkeeper and wish to declare income less than 8% of my gross turnover. How can i do that??

If you declare income less than 8% of turnover and your income exceeds Rs. 2,50,000 (Individual Tax Slab), then you are required to maintain the books of account as per the provisions of section 44AA and have to get accounts audited as per section 44AB. If your case falls under the above category, you should opt for our Business ITR(Regular) plan. .

I am an insurance agent and my gross receipts are Rs. 40 lakh. Am i eligible under presumptive taxation scheme??

There are certain businesses that are explicitly not allowed to claim the benefits under the scheme. They include: • Any business involved in the renting, hire, or plying of goods carriages • Any business related to agencies • Individuals who receive commission or income related to a brokerage • Any individual who is involved in any profession mentioned under section 44AA(1) • Insurance agents, since any income they receive, is via commission .

Can I file a revised return to correct a mistake in original return filed??

Yes, the return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. The filing of revised returns is not part of the plan. Plan buyer is required to provide full and accurate details to avoid the need for any rectification in the originally filed return..

Am I required to keep a copy of the return filed as proof and for how long??

Yes, under the Income-tax Act legal proceedings can be initiated up to 4 to 6 years (depending upon case to case) prior to the current financial year. However, in certain cases the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of the return for at least 6 years or maintain it as long as possible. .