Income Tax: Presumptive Tax Scheme

Taxation
1

Hi:

Can one opt for presumptive tax scheme if she/he has salary/interest from fixed deposit/capital gains?

Thanks,
S.

2

Yes, but only for business/freelance part of your income. But if you have capital gains file ITR3 and then opt for presumptive tax.

3

Does this mean for any year, if my profit is >6%, it is better for me to go for presumptive taxation?

4

Yes. If it’s business 44AD applies but if you are a freelancer 44ADA applies and you have to check if your profession is covered under the act.

5

Thanks; but in ITR, I did not see the option to choose for PTS. Could you please provide some guidance about how to opt?

6

the deadline to file the ITR was 31st Dec .
is it extended ?

7

No; I asked for the next time.

8

If you are filing ITR3, its in Part A ‐ P& L