Businesses and Professionals Opting for Presumptive Scheme
*The price is exclusive of any amount payable to Government/Regulatory Authorities and GST.
Services covered :
- Cross Verification and Matching of Income with Information in Form 26AS
- Income Tax Return Filing
- E-Verification of Income Tax Return
- Tax Planning Assistance
Documents Required :
- PAN and Aadhar Card
- Details of all bank accounts
- Bank Statements for the Financial Year
- Details of turnover or gross receipts including amount of Sales made through Cash and via banking Channel
- Interest Certificate (in case of FD or home loan)
- Details of any other income received (E.g. Rent)
- Document relating to tax saving investments or donations or expenses
Why should I file Income Tax Return?
The Income Tax Act 1961, obligates certain eligible persons to file their Income Tax Return annually. Filing of Income Tax Return legitimizes your earnings and investments whereas non filing would mean that you have not disclosed your income which is required to be disclosed as per law, which ultimately becomes your Black Money.
Also, by filing your Income Tax Return you can get Refund of excess tax deducted/paid and Carry Forward your losses if any. Further your Income Tax Return plays a crucial role at the time of applying for loans, credit card, obtaining Visa, etc.
Who can opt for Presumptive taxation scheme?
Business (Sec 44AD) - The presumptive taxation scheme of section 44AD can be opted by the eligible persons, if the total turnover or gross receipts from the business do not exceed Rs. 2 crore.
Professionals (Sec 44ADA)- The presumptive taxation scheme of section 44ADA can be opted by the eligible persons, if the total gross receipts from the profession do not exceed Rs. 50 Lakhs.
Business of plying, hiring or leasing of goods carriages (Sec 44AE) - The presumptive taxation scheme of section 44AE can be adopted by an eligible person who is engaged in the business of plying, hiring or leasing of goods carriages and who does not own more than 10 goods vehicles at any time during the year.
Who is an eligible person for Sec 44AD and Sec 44ADA?
For Sec 44AD Eligible person means a resident individual, resident Hindu undivided family or a resident partnership firm (other than LLP).
For Sec 44ADA Eligible person means a resident individual or a resident partnership firm (other than LLP).
Is a Person opting for Presumptive Scheme required to maintain Books of Accounts?
No. A person opting for presumptive taxation scheme under Section 44AD, 44ADA, 44AE need not maintain any books of accounts.
I have opted for the presumptive scheme under Section 44AD and 44ADA. Should I still pay advance tax?
If you have opted for the presumptive scheme, you need to pay to only the 4th installment of advance tax i.e on or before 15th March . Further, any taxes paid before the 31 March will be considered as advance taxes only.
What is the minimum profit to be shown in case of Sec 44AD and Sec 44ADA?
Minimum profit for Sec 44AD is 8%. (6% in case respect of the amount of total turnover or gross receipts which is received by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account or any other mode prescribed)
Minimum profit for Sec 44ADA is 50%.
What is Form 26AS? Do I need to give you this document?
Form 26AS is a statement that provides details of any amount deducted as TDS or TCS from various sources of income of a taxpayer. This tax deducted is then deposited with the government by the deductor. It also reflects details of advance tax/self-assessment tax & high-value transactions entered into by the taxpayer.
You will have to give Form 26AS only when you don't share the login credentials with us. In such a case we will provide the steps for downloading Form 26AS
Are there any specific documents that have to be uploaded with the ITR?
There is no requirement of attaching documents with ITR. However, the taxpayer should always retain the documents on the basis of which he/she files the return. The tax authorities can ask the taxpayer to present these documents to them.
What is the due date for filing of Income Tax Return for person covered in this service?
The due date of Filing of Income Tax Return for person covered in this service is 31st July
For E.g.. For ITR of FY 2021-22, due date will be 31st July 2022
Can I file a revised return to correct a mistake in original return filed?
Yes, return can be revised but not later than 3 months before the end of the relevant assessment year (i.e. 31st December) or before completion of the assessment whichever is earlier.
Can a return be filed after the due date?
Yes, a return can be filed after due date but not later than 3 months before the end of the relevant assessment year (i.e. 31st December) or before completion of the assessment whichever is earlier.
Is there any penalty if Income Tax Return is Filed after Due Date
The fee for delay in filing of Income Tax Return will be Rs 5,000 if the return is filed on or before 31st December and Rs 10,000 if the return is filed after 31st December. However, late-filing fees will be Rs 1,000, if the total income of the person does not exceed Rs 5 lakh.
In addition to this, interest will also be charged if any tax payment is due.
What is ITR-V?
ITR-V is a 1-page document that you receive after e-filing your income tax return. In case you have not e-verified your income tax return, you must print, sign and send the ITR-V to the Income Tax Department within 120 days from e-filing your tax return.
Extremely delightful for the services provided by you, thanks a lot in filling my return in short time.
Must take a moment to recognise and appreciate Yash who was managing my papers . He is a diligent and patient guy but on the same hand also persuasive . Appreciate these traits . Wish him all the best .
I used to previously file my ITR through a professional, but I never understood why am I paying interest in my ITR even though I had filed my returns before due date. So, I went to AJVA for Tax Consultation they explained to me why I am paying interest and guided me on the Advance Tax concept and now I give them the required estimation of income and pay advance tax. It has helped me save a lot of money and avoid interest.
I wished to file my ITR at minimal cost, so I was convinced to file it by myself. During filing I came across a lot of queries but ignored it as didn’t seem much important. However, I received a notice from IT department as I had filed a defective return. To resolve this, I contacted AJVA, they not only resolved the issue but also guided me on how to file and where I went wrong.
I run an MSME but I was unaware what is the importance of Udyam Registration Certificate and the process, after consulting AJVA I learned that it is an identity certificate which is mandatory for all MSME’s for recognition. Thankfully I registered as a MSME in time with the help of AJVA and appreciate the co-ordination from the AJVA team.
I had started a new business but I had a lot of queries on how to Incorporate a company, where to apply, what documents are required and lot of other questions. The procedure was complicated and a time taking activity, I was hesitant to hire a professional for the incorporation process. Thankfully I found AJVA and they handled the entire Incorporation process and helped me complete the same in a timely manner.
[contact-form-7 id="3051" title="Footer Enquiry Form"]