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There are two options available to pay income tax. Under the first option, an assessee can compute taxable income on the basis of books of account. The second option is Presumptive Tax Scheme wherein the income will be estimated on the basis of total turnover or gross receipts.
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As per the presumptive tax scheme under Section 44AD, 8 per cent 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 per cent for digital receipts of taxpayers. The Presumptive Tax Scheme is particularly meant for SMEs to relieve them from burden of maintaining books of account and getting them audited.
Any individual, an HUF (Hindu Undivided Family) or a partnership firm, which is resident in India, can opt for 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 Presumptive Taxation Scheme. In that case, Taxpayer needs to get books of accounts audited by a Chartered Accountant.