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There are two options available to pay income tax. Under the first option, an assessee can compute taxable income based on books of account. The second option is the Presumptive Tax Scheme wherein the income will be estimated based on total turnover or gross receipts.

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As per the presumptive tax scheme under Section 44AD, 8 percent of gross receipts or turnover will be deemed as income of the taxpayer. However, in the Union Budget 2017, this limit has been reduced to 6 percent for digital receipts of taxpayers. The Presumptive Tax Scheme is particularly meant for SMEs to relieve them from the burden of maintaining books of account and getting them audited.

Any individual, an HUF (Hindu Undivided Family), or a partnership firm, that is resident in India, can opt for the Presumptive Tax Scheme. However, if the total turnover or gross receipt of taxpayer is more than Rs. 2 crore, then it cannot take the benefit of the Presumptive Taxation Scheme. In that case, the Taxpayer needs to get books of accounts audited by a Chartered Accountant.

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