Day-22 Business & Profession Income: Presumptive Taxation u/s 44AD Explained💼

Описание: Day-22 Business & Profession Income: Presumptive Taxation u/s 44AD Explained 💼

If you're a small business owner and don’t maintain books of accounts, you can file your Business ITR under the Presumptive Taxation Scheme – Section 44AD of the Income Tax Act. 📑

Under this scheme:
🔸 You must declare more than 8% of your turnover as profit (6% if income is received digitally).
🔸 You are not required to maintain detailed accounts or get them audited.

However, ⚠️
👉 If your income comes from commission or brokerage, you cannot file under Section 44AD.
👉 This method is ideal for shopkeepers, traders, and small service providers who want a simple and hassle-free way to file their ITR.

🎯 Know the eligibility, conditions, and restrictions clearly before filing to avoid errors or notices from the department.

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