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Presumptive Income In Case Of Taxpayers Engaged In Business

2017-08-10 15:46:56 | Legal Services
Presumptive Income
There are many people who are into the business of plying, leasing or hiring of trucks Under 44 D. For all those people, there was a scheme made. The features of that scheme are mentioned below:
Features
Books of accounts are not to be maintained.
An advance tax of such business is not required to be paid.
No business expenses will be deducted against this income.
Income received from heavy goods vehicle i.e. including any goods carriage will be treated as an implicit income.
The above-mentioned goods carriage means any vehicle used for carrying the goods. The word heavy goods mean those goods whose individual weight exceeds 12000 kg. Part of a month should be rounded off to the next coming month.
For example- If a person owns a goods carriage for 8 months 4 days then the net income will be computed as he carried it for 9 months. That is it has been rounded off to the next subsequent month.
All those businesses to whom this scheme is applicable is having the right to not maintain their books of accounts and to get their accounts audited. For all those businesses that don’t come under this scheme is required to maintain their accounts and to get their accounts audited.
Eligibility criteria to come under this scheme
A person should be under the business of plying, leasing or hiring under the provisions of this scheme.
During a complete year, a person should not own more than 10 goods carriage. Carriage taken on hires or installments is also included in this.
It is applicable to an individual, Hindu undivided family, partnership, and company.
Can the taxpayer declare higher or lower income?
The taxpayer can declare both higher and lower income. If he declares a higher income he has to pay the higher tax on that income. But if the taxpayer decides to have a lower income then as per the provisions of this scheme he should have a maintained and audited account.
Structure of the ITR 4S form
The form ITR 4S has been divided into various parts and schedules which are mentioned below:
Part A of the form contains general and basic information.
Part B of the form includes gross total income from five various categories.
Part C of the form includes total taxable income and deductible income.
Part D of the form includes tax status and computation of tax.
Authentication and verification on the return.
Schedule BP- this includes particulars of income from a business. The following information is mentioned in this:
Under section 44 AD calculation of presumptive income.
Under section 44 AE calculation of presumptive income.
Business financial details.
Schedule IT includes payment of income tax and various advances.
Schedule TCS includes total tax collected at source.
Schedule TDS 1 includes total tax deducted at source on salary.
Schedule TDS 2 includes total tax deducted at source on income
Modes to file ITR 4S form
ITR 4 S can be filed online or offline. But it is compulsory for the following assesses to file income tax return filing electronically
Those people whose income exceeds Rs 500,000 per year.
Those people who are own assets from outside India.
It is compulsory even for those people who are claiming relief under section 90 or 90A or 91.
Offline mode
Return can be filed through offline mode by furnishing a return on a tangible paper form.
By furnishing a bar code return.
Then after this income tax department will issue acknowledgment slip to that person.
Online mode
Return can be filed through online or electronically mode by furnishing a return digitally using a digital signature certificate.
By sending confirmation online of the form.
If you send your return electronically then acknowledgment slip will be sent to you through your email ID. You can even download it from the site of income tax department but for that, you may the first login and create your account and then to send it to CPC office in Bangalore.


This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST software, GST Return Filing, GST Registration, Section 8 company registration, Nidhi company registration, IEC registration.


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