Shreyaa Kapoor Instagram – If you are running a small business where you turnover is less than 3cr there is good news for you! 🙌🏼
Your tax liability is reduced to 6% of the total receipts and 8% in case of cash receipts! 🙏🏼
Moreover, You don’t have to maintain accounting records.🙌🏼
Individual assessees, Hindu Undivided Families, and partnerships who are Indian residents can claim deductions under Section 44AD.🌱
Once a taxpayer opts for presumptive taxation scheme, he is required to follow the same scheme for next 5 years. If he fails to do so, presumptive taxation scheme will not be available for him for next 5 years.🫠
Please note that the taxpayer has the option to voluntarily disclose business income at a rate higher than 8% or 6%, as applicable. 🗂️
By choosing to file returns under Section 44AD, the taxpayer is not allowed to claim deductions provided under Section 30 to Section 38 of the Income Tax Act. This includes depreciation and other deductions.🙏🏼
Do drop you questions in the comments below!
And share this with your friends currently running their own business!🫶🏼
Concept credit: @gauravmotivegroom 👑
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[small business, tax tips, taxes, tax, tax season, personal finance, personal finance tips] | Posted on 18/Mar/2024 20:00:09
