Small or Professional Business Taxation

Only for Individuals, HUF or Partnership firms with any of the below criteria:

  • Business having annual Income below Rs.2 Cr and not liable for Tax Audit or
  • Professionals or freelancers having annual gross receipts below Rs.50 Lakhs and not liable for Tax audit can opt for Presumptive Tax return.
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Under Presumptive tax, Taxpayer can declare Income at fix percentage of turnover or Gross receipts and pay tax on such Net profits with no requirement to maintain books of accounts and getting them audited.File your presumptive tax return with complete handholding and expert CA assisted filing with India Kickstart team.

Quick and Easy Income Tax Return filing (Presumptive)

India Kickstart packages priced at Rs. 2,499/-*

Our Service offering includes

    • Income Source
      Income from Business or Professions including Free-lancers not liable for audit and declaring income on presumptive basis included
    • Income Tax Filings
      Income Tax Return preparation and e-filings for individuals, HUF and Partnership firms
    • No Books of accounts
      Under presumptive filings, no books of accounts will be maintained.
    • CA Assisted Review
      Our dedicated expert CA will prepare and review Return filings with complete consultation
    • Tax Planning and Investment Consulting
      Covers comprehensive Tax planning and investment consulting across the year
    • Business Hours Support
      Dedicated business hour Phone and Email Support

Income Tax Return Filings for Presumptive Business or Profession

An Individual having taxable Income above Rs.250,000/- for the financial year is required to file Income Tax Return before 31st July of the following year.

Business with specified type and having turnover below Rs.2 Crore or specified professionals with Gross Receipts below Rs.50 Lacs can opt for Presumptive Income Tax return filing without maintenance of books of accounts and no tax audits would be applicable.

Specified business includes all kind of Trading, manufacturing including business of plying, hiring or leasing of goods/carriage. Specified profession includes legal, medical, engineering, architectural, accountancy, technical, interior decoration, film artists, company secretary, information technology.

Further details of Income earned from Saving Banks Account, Fixed Deposits, Rental Income from house property and other source income to be disclosed in Tax return.

India Kickstart experts will easily file your Income Tax Returns ensuring accurate computations, timely filings and maximize tax savings.

All your queries on Income Tax Returns and filing worries will be handled by India Kickstart experts at just a click away.

1. I am a professional (like Doctor, lawyer, CA, Web-designer, Artist and earning taxable income, which type of return I should file ?

There are basically two types of return which is to be filed by a professional, either ITR 4 if he chooses for the maintenace and audit of accounts else ITR 4S if he do not choose the same. So, if you are maintaining your books of accounts and getting your accounts audited then you need to file ITR4 else you have to file ITR 4S using presumptive source of income.

2. When should I maintain my books of accounts?

If you are engaged in a specified profession, then you need to maintain the books of accounts if your gross receipts exceeds Rs. 1,50,000 in all the three years immediately preceding the previous year or if you are going to start a new business then gross receipts is likely to exceed Rs.1,50,000. Similarly, if you’re running a business and Gross Turnover exceeds Rs.120,000/- in all 3 previous financial year or under current year of starting business accounts needs to be maintained.

3. Which are the specified profession covered ?

Specified profession include profession of legal, medical, engineering, architectural,       accountancy, technical, interior decoration, film artists,company secretary, information technology.

4. What are the turnover conditions to be fulfilled for opting presumptive income ?

A:    In case of business, if gross turnover is below Rs.2 Crore and In case of profession, if gross receipts is below Rs.50 Lacs, assessee can opt for Presumptive Income tax return filing.

5. What are the minimum percentage of presumptive income to be declared ?

A:    Under presumptive income, fixed percentage of Turnover/Gross receipts to be declared as Presumptive Income. In case of  business, 8% of Turnover/ Gross receipts to be declared as presumptive income, while in case of Turnover/Gross receipts to the extent of collected by account payee cheque/NEFT/Digital banking channels one can declare 6% of Such turnover. In cae of Professionals, 50% of Gross receipts to be declared under Presumptive income.

6. What is the benefit of declaring income under Presumptive basis ?

A:    It is a beneficial provision with relaxed compliances. Person declaring income under presumptive basis need not maintain books of accounts, they are also not required to get books audited by CA on yearly basis. Further, all the expenses which are normally allowed in the course of business are presumed to be allowed since minimum profits at fixed percentage are declared thus ensuring lower compliance requirements for the assessee.

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Why IndiaKickstart

About India Kickstart

Just tell us a little bit about your business and you’ll have the incorporation certificate in 20 working days. It’s that simple. In addition to yours, we’ll be handling around 400 requests this month.

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We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.

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Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we’ll try to ensure that your doubts are cleared before they even arise.