Filing Returns with Quicko

[BB789]

Option 1

Presumptive Taxation U/S 44ADA and Sort term capital gain tax

@HSL You are allowed to report profits at 9% of turnover under the presumptive taxation scheme, even if your actual profit is 12%, as per the Income Tax Act of India. Since you are opting for the presumptive scheme, the department generally will not question the lower declared profit.

How to decide whether Audit required or not? Combination of presumptive + business

AI on court cases: Presumptive taxation is designed to simplify life for small taxpayers, but it has sparked significant legal debate over the years—specifically regarding how “presumed” those profits actually are. Courts have frequently had to decide whether a taxpayer can be forced to explain specific bank entries or if the presumptive rate acts as a complete “shield.” Here is a breakdown of the landmark and recent court rulings that have shaped the current understanding of presumptive taxat…