presumptive taxation scheme

Section 44AD Option in Asst Yr 2017-18 : 3 Extremely Important Points One Should Know !

presumptive taxation schemeSection 44AD of the Income Tax Act is presumptive taxation scheme that provides easy scape for heavy compliance burden by a small businessness man . In recent times , with the increase of threshold limit of RS 2 crore , more and more small businesses may opt for the presumptive taxation scheme u/s 44AD . But , this post is a reminder to readers that assessment year 2017-18 is the first year which will see a number of most fundmental tweaks to section 44AD in effect. Therefore, every tax advisor and tax payer must understand , how it will affect him. Mix with it , certain decisions for courts and tribunals