Who can take advantage of the presumptive taxation scheme of section 44ADA?

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• Who is eligible to take advantage of the PTS of section 44AE and which business is eligible for the PTS under section 44AE?

  Everyone i.e. Individual, Firm, HUF, Company, etc. can take advantage of the presumptive taxation scheme of section 44AE and all business are also eligible for it.

• Can a person engaged in a profession adopt the presumptive taxation scheme of section 44AD?

  No. He has to adopt the presumptive taxation scheme as given in section 44ADA and not in section 44AD.

• Can an insurance agent adopt the presumptive taxation scheme of section 44AD?

  A person who is earning income in the nature of commission or brokerage cannot adopt the presumptive taxation scheme of section 44AD. Insurance agents earn income by way of commission. Hence, as per section 44AD, they cannot adopt the presumptive ...

• What is the legal framework of presumptive taxation scheme?

  The presumptive taxation scheme is prescribed in following sections of Income tax Act. Section Eligible business covered 44AD Small business having a turnover of less than Rs.2 crores 44ADA Taxpayers engaged in any profession 44AE Small transporters ...

• Can a person having a total turnover for the year more than Rs. 2,00,00,000 adopt the presumptive taxation scheme of section 44AD?

  No, any person having a total turnover more than Rs. 2,00,00,000 for the year cannot adopt the presumptive taxation scheme of section 44AD.