Presumptive Income means Calculation of Incomes on Basis predefined Percentage of Receipt  i.e Certain Portion of Receipt is Treated as Income and Rest of Receipt Treated as Demeed Expenditure irrespective of Expenditure is done or not. Assessee may declare Income more then Income as per Calculation based presumptive Income. When assessee declare Income equal to or more then Income defined as Presumptive Income in Income Tax Act then Assessee need not to maintain Books of Accounts under sec 44AA of Income Tax Act and Get his or her Books of Accounts Audited under Sec 44AB of Income Tax Act. If assessee want to Declare Income Message then Presumptive Income then Assessee have to maintain Books of Accounts under Sec 44AA Of Income Tax Act and get his or her accounts audited under section 44AB of Income Tax Act.

As Per section 44AA of Income Tax Act Every Assessee whose Gross Receipt from specified Profession exceed Rs. 150000 and in any other Case Income Exceed Rs. 120000 and Gross Receipt Rs. 100000 Required to maintain books of accounts Under Sec 44AA of Income Tax Act.

As Per Section 44AB of Income Tax Act Every Assessee whose Total Gross Receipt from Business exceed Rs. 100 Lakh or 1 Crore and Gross Receipt from Profession Exceed Rs 50 Lakh required to get his or her books of account audited.

 

Sec 44AD: - Presumptive Income from Business

Any Individual, Hindu Undivided Family or Partnership Firm (Not Limited Liability Partnership Firm) engaged in any Business except Business of Plying, Hiring or Leasing Goods Carriages i.e. Business Covered Under Sec 44 AE of Income Tax Act and Not claimed any deduction under sec 10AA, 80IA to 80 RRB in that Relevant Assessment year in which assessee want to Declare his or her income under Sec 44AD and Gross Receipts from such business doesn't exceed Rs. 200 Lakhs or 2 Crore can declare his or her  Income under Sec 44AD of Income Tax Act not less than 8% of Gross Receipt ( Not less then % 6 of turn-over if Gross Receipts from Business are in Digital Mode).

 

Sec 44AE: - Presumptive Income for Business of Plying, Hiring or Leasing Goods Carriages

Any Assessee not having more then 10 Goods Carriages can declare Presumptive Income of Not Less than Rs. 7500 per month or part of Month per Goods Carriage. Assessee can declare more than Rs. 7500 per month or per part of Month but assesss can not declare less than Rs. 7500 per Month or Per Part of Month per Goods Carriage. If assessee wishes to declare less than Rs. 7500 per month or per part of Month per Goods Carriage in such a case Assessee have to maintain Books of Accounts under Sec 44AA of Income Tax Act and get books of Accounts Audited under sec 44AB of Income Tax Act.

 

Sec 44B: - Presumptive Income for Non Resident Carring Shipping Business

Non - Resident Engaged in Shipping Business Receives Income or Deemed to be Received in India or Outside India for Carriage of Passenger, Live Stock, Goods or Mail etc Shipped to India and Non - Resident Receive Income or Deemed to be received in India for Carriage of Passenger, Live Stock, Goods or Mail shipped to any place outside India can declare his or her Income not Less than 7.5% of Such Receipt.

 

Sec 44BB: - Presumptive Income for Non - Resident Carring Business of Exploration of Mineral oil 

Non - Resident Engaged in Business of Providing Services or Facilities in Connection with Suppling Plant and Machinery on Hire to be used in prospecting or Extraction or production of mineral oil  and Receive Income in India or Outside for Such service provided in India or Receive Income in India or deemed to be received in India for such service provide outside India can declare his or her Income not less then 10% of Such Receipt.

 

Section 44ABA: - Presumptive Income for Non - Resident Carring business of Operation of Aircraft

Non Resident Engaged in Business of Operation of Aircraft Receive Income or Deemed to be Received in India or Outside India for Operation of Aircraft in India and Non - Resident Engaged in Business of Operation of Aircraft Receive Income or Deemed to be Received in India for Operation of Aircraft in India or Outside India can Declare his or her Income not less than 5% of such Receipt.

 

Sec 44ADA: - Presumptive Income for Professionals 

Any Individual, Hindu Undivided Family or Partnership Firm (Not Limited Liability Partnership Firm)  having turnover of not exceeding Rs. 50 Lakh having income from Profession can declare his or her Income on Presumptive Basis not exceeding 50% of Total Gross Receipts. Assessee Declaring his or her Income on Presumptive under sec 44ADA of Income Tax Act need not to maintain books of Accounts under sec 44AA and not to get Audited his or her books of Accounts under Sec 44AB.

 

Certain Income which are Not Presumptive Income as Per Income Tax Act buy Calculation of Income is predefine: -

Tonnage Taxation Scheme: -

Any Indian Company having Effective Management in India having Object of Company is to carry on Business of Operating Ships and having one more  sea going ship or vessal having capacity of 15 Tonnage or more and duly registered under Merchant Shipping Act, 1985 may Declare Income as per Tonnage Taxation Scheme.

Calculation of Income As per Tonnage Taxation Scheme: -

For Tonnage Capacity up to 1000 Tons - Daily Tonnage Income of Rs. 70 for each 100 Tons

For Tonnage Capacity Exceeding 1000 Tons but Not More than 10000 Tons - Daily Tonnage Income of Rs. 700 plus Rs. 53 for Each 100 Tons Exceeding 1000 Tons

For Tonnage Capacity Exceeding 10000 but Not More than 25000 Tons - Daily Tonnage Income of Rs. 5470 Plus Rs. 42 for Each 100 Tons exceeding 10000 Tons

For Tonnage Capacity Exceeding 25000 - Daily Tonnage Income of Rs. 11770 Plus Rs. 29 for Each 100 Exceeding 25000 Tonnage

 

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