Presumptive TaxationScheme of under Section 44AD, Section 44ADA, Section 44AE forBusiness and Professions
Meaning of presumptive taxation scheme
As per Section 44, businesses and professionals are required to maintain the Books of Accounts under Section 44AA, when they fulfil certain criteria and get them audited under Section 44AB in every Financial Year for the purpose of Income Tax. Particularly, to relax their burden of keeping Books of Accounts,
The small taxpayerscan avail simple tax payment scheme of ‘Presumptive Tax’ under Section 44AD, 44ADA and 44AE of Income Tax Act 1961.
- The presumptive taxation scheme of section 44AD.
- The presumptive taxation scheme of section 44ADA.
- The presumptive taxation scheme of section 44AE.
WhereBooks of Accounts and Auditing are Mandatory?
Conditions for Books of Accounts
As per Section 44AA of IT Act,Books of Accounts should be maintained by Businesses/Professionals (including those who are eligible under ‘Presumptive Tax Scheme‘), who fulfil these conditions:
- Income more than INR 120000 in last three preceding years.
- Total turnover/gross receipts of business/profession is more than INR 10,00,000 in any of the previous 3 years
Note:
From FY 2017-18 onwards, the limit amounts are increased as income as INR 150,000 and turnover/gross receipts of INR 25,00,000.
- For new businesses, if they have income and turnover amount to be more than the above mentioned amounts.
- Income from business/professionis less than the permitted profitsas deemed under Section 44AE/44BB/44BBB.
- Income is more than the tax exempted threshold amount for the business/profession where provisions of sub section (4) of Section 44AD is applicable.
As per Rule 6F, these Books of Accounts should be maintained for income tax:
- Cash Book:Daily record of cash transactions paid and received
- Journal:Daily record of credit and debit transactions
- Ledger:Entries in a proper flow for Financial Statements
- Copies of Bills and Receipts issued of amount more than INR 25
- Original Copy of Expenditure of amount more than INR 50
Individuals of Medical Profession, such as, physicians, pathologists, radiologists, surgeons, dentists, etc. should keep these additional records (to be maintained for 6 years’ period):
- Cash register of daily details of patients, services given, fees received and date of receipt
- Stock details of Medicines, Drugs, Other Items
Conditions of Auditing
As per Section 44AB of IT Act, taxpayers involved in Businesses/Professions should get their Books of Accounts audited by a Chartered Accountant, who fulfil these conditions:
- If the total sales/turnover/gross receipts of a business is more than INR 1 crore in any previous year(From FY 2016-2017 onwards, INR 2 crore)
- If gross receipts of a professionalare more than INR 25 lakh (From FY 2016-2017 onwards, INR 50 lakh)
- If income of a business under Presumptive Tax SchemeSection 44AD is less than the amount as permissible Section 44AD and the net income is more than the threshold tax exempted income amount
- If income of a profession under Presumptive Tax Scheme Section 44AE is less than the amount as permissible Section 44AE
Due Date of Auditing and Report Submissions for Businesses/Professions
- Business/Profession where Auditing is mandatory has to get the auditing done by Chartered Accountant within 30th September of an AY and submit the ITR Return and Audit Report to Tax Department on the same day of AY. Form 3CA is the Auditing Form used for the purpose and Form 3CD is used for Statement Form.
- For any other business/profession, where Audit Requirementis not mandatory should file Audit Form 3CB and Statement Form 3CD.
A business/profession eligible for‘Presumptive Tax Scheme’ is given relaxation from keeping Books of Accounts and compulsion of Auditing.
Who is Eligible for the Relief of Presumptive Tax Scheme?
- Small Business (Section 44AD)
- Resident Individual
- Member of HUFs
- Resident Partnership Firms (Not Limited Partnership Firm)
Small Businesses excluding:
- Business of plying, hiring or leasing goods carriages
- Agency business
- Income of Commission/Brokerage
- Professional (Section 44ADA)
- Resident Individual
Professionals giving:
- Legal Services
- Technical Consultancy
- Interior Decoration
- Engineering and Architecture
- Aoountancy
- Medical
Other professions mentioned in CBDT
- Transporters (Section 44AE)
- Resident Individual
- Member of HUFs
- Firm, Companies, etc.
- Entities in the business of
Hiring, Plying Leasing of Goods Carriages
Note:-
Eligible Businesses should be classified as these legal entities:
- Sole Proprietorship
- Limited Liability Partnership
- Private Company
- Public Company
- Joint Venture
Features of Presumptive Tax Scheme for Businesses and Professionals
For Businesses Eligible for Section 44AD
Businesses as listed under 44AD in the above table can avail Presumptive Tax Scheme only when their total turnover/gross receipts are less than INR 2 crore. In that case,
- Net Income is computed as presumptive basis @ 8% of the turnover/gross receipts in cash.
- In case of digital receipts, it is computed @ 6% (from AY 2017-18 onwards). This profit will be considered as the income under ‘Profits and Gains of Business/Profession’ and counted as final taxable income.
Example:-
Any Time Grocery Store makes a gross turnover of INR 1.5 crore in a FY. To avoid the task of maintaining Books of Accounts and Auditing, its owner has opted for Presumptive Tax SchemeSection44AD. In this FY, the Store gets receipt amount of INR 60 lakh in cash and INR 90 lakh through digital transaction. How the taxable income is computed in Presumptive Tax Scheme for this FY?
Solution:-
Since the gross income is less the INR 2 crore, 44AD can be availed.
Presumptive Income through cash payments @ 8%: INR 60 lakh x 8%
= INR 4.8 lakh
Presumptive Income through digital payments @ 6%:INR 90 lakh x 6%
= INR 5.4 lakh
Net Presumptive Income = INR 4.8 lakh + INR 5.4 lakh = INR 10.2 lakh
Note:
In case of businesses not opting for Section44AD provisions, Net Taxable Income is: Gross Income – Expenses = Net Income (as recorded in Books of Accounts)
- Return Filing is to be done with ITR 4 form (ITR 3 is also applicable)
- Keeping Books of Accounts and get them audited is not REQUIRED
- Tax benefits of deductions under chapter VI A are allowed.
- Any further relaxation claim over expenditure or depreciation of assets is not permitted (allowed for such businesses, which are not opting for this provision and keeping Books of Accounts)
- Deductions under Section 30 to 38 will be deemed as considered to be given full effect and no further deductions are permitted. However, the written down value of assets is calculated as if depreciation is claimed as per Section 32 of IT Act and has been actually allowed.
- Salary/Remuneration/Interest paid to Partners are not allowed to be claimed as deduction (From FY 2016-17 onwards)
- Not quarterly, by whole of the Advance Tax for a FYshould be paid on or before 15th In case of failing to pay, interest as per 234C will be charged.
- In case, income is declared at the rate lower than 8% or 6%, if the income is more than the tax exempted threshold value, the Assesses has to keep Books of Accounts as perSection 44AA and get them audited as per Section44AB.
- Once opted for, the Provisions of Presumptive Tax Scheme should be followed for next 5 years. Otherwise, the Assesses will be disallowed to avail the provision for next 5 years and will be considered as the Business entity to compulsorily keep Books of Accounts subject to timely Auditing.
When a Taxpayer cannot avail Presumptive Tax Scheme Provisions?
- Non-Residents
- Who have claimed deductions Section 10A/10AA/10B/10BA or u/s 80HH/80RRB in relevant FY
For TransportersEligible forSection 44AE
Businesses as listed underSection 44AE in the above table can avail Presumptive Tax Scheme. In that case:
- The business can own not more than 10 goods carriages in a FY and engage them for plying, hiring and leasing accordingly. (Not applicable for those businesses that are using leased vehicles)
- Taxable incomeis deemed as the aggregate of the profits arrived from all the goods carriages of the owner in a FY under ‘Profits and Gains of Business/Profession’, as computed by one of these options:
- In case of Heavy Goods Vehicle, INR 1000 per ton of gross vehicle weight/unladen weight, whichever applicable, for every month/or part of the month as owned by the assessee in a FY. Else, an amount claimed to have earned from each of such vehicle, whichever is higher in value
- In case of Other Vehicle, INR 7500 for every month/or part of the month as owned by the assessee in a FY. Else, an amount claimed to have earned from each of such vehicle, whichever is higher in value
Example:-
Tyagi Contractors Ltdowned 8 goods carriages for 10 months, where three wereheavy vehicles of capacity 14 tons each and five werelight vehicles to run a business of leasing them during that period of FY. Whatis the net taxable income, if the owner avails Presumptive Tax Scheme Section44AE?
Solution:-
Since, Tyagi Contractors Ltd owned 8 goods vehicles during 10 months of a FY to lease them, they can avail the provisions of 44AE (based on the vehicle number and income source criteria).
In the period of 10 months,
Presumptive income from 3 heavy vehicles @ INR 1000/ton of vehicle capacity/month:3 x 14 x 1000 x 10= INR 4.2 lakh
Presumptive income from 5 light vehicles @ INR 7500/vehicle/month:
5 x 7500 x 10= INR 3.75 lakh
Net Presumptive Income = INR 4.2 lakh + INR 3.75 lakh = INR 7.95 lakh
- Return Filing is to be done with ITR 4 form (ITR 3 is also applicable)
- Keeping Books of Accounts and get them audited is not REQUIRED
- Any further relaxation claim over expenditure or depreciation of assets is not permitted (allowed for such businesses, which are not opting for this provision and keeping Books of Accounts). However, the written down value of assets is calculated as if depreciation is claimed as per Section 32 of IT Act and has been actually allowed.
- Deductions u/s 30 to 38 will be deemed as considered to be given full effect and no further deductions are permitted
- In case, the owner discloses a lower income than the permitted income allowed in this Scheme, the assessee has to maintain Books of Accounts as per 44AA and get them audited as per 44AB.
For Professions Eligible for Section 44ADA
Professions included in 44AA with gross income not more than INR 50 lakh are permitted for Presumptive Tax Scheme of 44ADA as given in the above table. Provisions of this section is applicable to freelancers of specified or non-specified profession as applicable for professionals mentioned u/s 44AA. In that case:
- Net Income is computed as presumptive basis @ 50% of the total gross receipts for a FY. (The individual may declare higher income) This profit will be considered as the incomeunder ‘Profits and Gains of Business/Profession’ and counted as final taxable income.
Example:-
Nishi is an architect and earned INR 45 lakh in a FY from her contracts. She paid INR 1.2 lakh as salary to her assistant and spent INR 20,000 in office maintenance. She has availed Presumptive Tax Scheme 44 ADA for the purpose of income tax payment. What will be her taxable income under this Scheme?
Solution:-
Since Nishi’s gross income is INR 45 lakh for a FY, she can avail Presumptive Tax Scheme, but she cannot claim any deduction based on her professional expenses, such as assistant’s salary or maintenance charges.
Presumptive income from profession @50%: 50% x INR 45 lakh
= INR 22.5 lakh
Net Presumptive Income = INR 22.5 lakh
- Return Filing is to be done with ITR 4 form (ITR 3 is also applicable)
- Keeping Books of Accounts and get them audited is not REQUIRED
- Any further relaxation claim over expenditure or depreciation of assets is not permitted (allowed for such professions, which are not opting for this provision and keeping Books of Accounts)
- Deductions u/s 30 to 38 will be deemed as considered to be given full effect and no further deductions are permitted. However, the written down value of assets is calculated as if depreciation is claimed as per Section 32 of IT Act and has been actually allowed.
- Not quarterly, by whole of the Advance Tax for a FY should be paid on or before 15th In case of failing to pay, interest as per 234C will be charged.
- In case, any individual engaged in profession as stated in 44AA, discloses a lower income than the permitted income allowed in this Scheme, the assessee has to maintain Books of Accounts as per 44AA and get them audited as per 44AB.
- Unlike the limitation of 44AD, professionals opting for provisions of 44ADA can discontinue its obligations any time without the 5 years restrictions.
Frequently Asked Questions
- Is there an option to include multiple businesses under the provision of Presumptive Tax Scheme 44AD?
Answer: If an assessee has more than one business, then they can be taxable under the provision of 44AD only if the accumulated turnover of all the businesses for a FY is less then INR 2 crore.
- Can an individual engaged in a profession as declared u/s 44AA avail for 44AD provisions?
Answer:No. A person engaged in a profession as included u/s 44AA can take the provisions of 44ADA, if the gross receipts from this profession are not more than INR 50 lakh, but cannot opt for the provisions of 44AD.
- In case, an individual has a business eligible under the provision of 44AD, how he/she can pay the tax of an income from profession?
Answer: If the assessee has a business eligible under the provision of 44AD, the income from his/her profession is taxable following the normal Income Tax Rule (based on Books of Accounts and Auditing liabilities).
- Which professions are not included under 44ADA?
Answer: Advertising Agency/Insurance Agency/Shipping Agency/Travel Agency/Courier Agency/Clearing, Forward and Shipping Agencies/Nursing Homes, etc.
- Can a non-resident avail for the provisions of 44AE?
Answer: Yes. Provisions of 44AE can be availed by both residents and non-residents.
- Can a taxpayer with RNOR status file income tax return under the provisions of 44ADA?
Answer: Yes. Since ‘Resident not Ordinarily Resident (RNOR)’ come under the tax liability as applicable for resident taxpayers in India, they can avail for 44ADA provisions for any profession with permissible conditions.
- Does the provision of Presumptive Tax Scheme allows the brought forward losses of business/profession to setoff against the deemed income?
Answer: Yes. As deductions of Chapter VI are allowed under 4AD, an assessee canadjust the current year’s loss and brought forward loss to setoff against the deemed income.
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