Presumptive Taxation for Business. Section 44AD. Simplified Taxation for Small Business. ITR - 4.

Описание: What is SEC 44AD? Who can apply?

• Relieve small taxpayers from bookkeeping and audit requirements.
• Applicable to all manufacturers and traders doing business in India.
• Sections 44AD, outline presumptive taxation provisions. File ITR Form 4.
• Calculation is solely based on business turnover (sales). No Business deductions are permissible. A flat 8% turnover is disclosed as profit and subjected to taxation.

Eligibility for Section 44AD
• Designed for small taxpayers in any business (excluding goods carriages, agency business, commission/brokerage income & those covered in SEC 44ADA & 44AE).
• Applicable to Resident Individuals, Hindu Undivided Families, and non-LLP Partnership Firms.
• Inapplicable to non-residents and those claiming deductions under specific sections.

Businesses Not Covered
• Excludes businesses involving goods carriages, agency activities, and commission/brokerage income.
• Individuals in professions listed in section 44AA (1) are ineligible.
• Insurance agents earning commission cannot opt for this scheme.

Turnover Limit
• Individuals/Firms with total turnover or gross receipts exceeding Rs. 3, 00, 00,000 are ineligible for Section 44AD in FY 2023-24.

Benefit
• Simplified Taxation: Provides a simplified tax calculation method for small taxpayers. A flat tax on Sales.
• No Bookkeeping Requirement: Taxpayers under this section are relieved from the obligation of maintaining detailed books of accounts.
• Time and Cost Savings: Saves time and costs associated with CA's extensive accounting and audit procedures.

Assistance with Section 44AD and IT Returns
For support and filing Income Tax Returns under Section 44AD, reach out to Complete Accounting Solution (CAS) at 9809604122 or visit www.casind.in. We offer assistance in filing your Income Tax Return with SEC 44AD for all business owners. Our digital processes ensure a quick turnaround, completing the filing within 24 hours.

Team
Complete Accounting Solution (CAS)
Your Trusted Partner in Business Management Consulting! 📍 Location: Kaloor, Kochi, Ernakulam, Kerala, India 📅 Established: 2017 At CAS, we take pride in being a premier Tax and Management Consultancy Firm dedicated to delivering top-notch financial services. With a commitment to excellence, we have swiftly emerged as a trusted partner for Individuals, Small Businesses, and Organizations seeking expert financial guidance. Our Comprehensive Services Include: 📊 Income Tax Return Filing (ITR Filing) 📈 Goods and Service Tax Registration and GST Return Filing 📑 Partnership and Company Incorporation 📊 Business Project Reports and Mudra Loan Reports 🔍 Auditing 📅 Monthly Accounting & More


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