About this plan
This plan is ideal for individuals opting for presumptive taxation under Section 44AD, 44ADA, or 44AE, where books of accounts and audit are not mandatory. It covers:
Business turnover up to ₹3 Crores under Section 44AD
Professional receipts up to ₹75 Lakhs under Section 44ADA
Transporters owning up to 10 vehicles under Section 44AE
This simplified scheme allows eligible taxpayers to declare income at a fixed percentage and file returns easily without maintaining books or going through audit—as long as 95% or more transactions are non-cash.
Services Included
- Expert eligibility check under 44AD, 44ADA, or 44AE
- Presumptive income calculation as per applicable section
- Inclusion of other income (interest, salary, rental, etc.)
- Declaration of deductions under Chapter VI-A (80C, 80D, etc.)
- Preparation and filing of ITR-4 return
- Calculation as per both the Tax Regime and selection of one which is best for you
- Expert Assisted Tax Filing. | Call 011 45626514
Who Should Buy
How It's Done
This plan is equipped with end-to-end online fulfillment via our expert. No hassle, 100% Digital.
3 Days Estimate
- Upload Documents on Vault
- Review computation sheet
- Get ITR-V after e-filing
Documents Required
FAQs
What is Business Income?
Business income refers to the profits earned from trading, manufacturing, or any commercial activity with the intention of making a profit. It includes income from the sale of goods, services, or any systematic activity carried out regularly. It is taxable under the head “Profits and Gains from Business or Profession.”
What is Professional Income?
Professional income is earned by individuals using their intellectual or specialized skills independently. It includes income of doctors, lawyers, chartered accountants, architects, consultants, etc. It is also taxed under the head “Profits and Gains from Business or Profession.”
My business turnover is above ₹2 crores. Can I still opt for presumptive taxation?
No. The presumptive taxation scheme under Section 44AD is not available for businesses with turnover exceeding ₹2 crores. You must maintain books of accounts and may also require a tax audit under Section 44AB.
I am a professional with gross receipts above ₹30 lakhs. Am I eligible for presumptive taxation?
Yes, but only if your receipts are up to ₹50 lakhs. If your receipts exceed ₹50 lakhs, you are not eligible for presumptive taxation under Section 44ADA, and books of accounts must be maintained.
I am a transporter and own more than 6 vehicles. Can I declare income under Section 44AE?
Yes, Section 44AE applies to owners of not more than 10 goods carriages at any time during the year. If your total vehicles exceed 10, then presumptive taxation is not applicable, and you must maintain books and possibly get a tax audit done.
What is income from house property and how is it taxed?
Income from House Property is possible in these Exper:
- Rental Income on a let out property
- Annual Value of a property which is deemedâ?? to be let out for income tax purposes ( when you own more than one house property)
- Annual Value of the property which is self occupied, which is Nil
- Under section 24 of the Income Tax Act you are allowed to make certain deduction from the Net Annual Value of your House Property. Net Annual Value is Gross Annual Value less Municipal Taxes Paid. In case the property is let out, its rent received is your Gross Annual Value, whereas in case of a deemed to be let out property, a reasonable rent of a similar place is your Gross Annual Value. For a self occupied house property the Gross Annual Value is Nil. Read more about House property income and its taxation Here
I do not maintain books of accounts. Is it mandatory to maintain them for high turnover?
Yes. If your turnover exceeds ₹2 crores, or you are not eligible for presumptive taxation, then maintaining books of accounts is mandatory under Section 44AA, and a tax audit under Section 44AB is also likely required.
What is the consequence of not maintaining books when my turnover is above ₹2 crores?
Non-maintenance of books in such cases can lead to penalties under Section 271A and Section 271B for failure to maintain books and failure to get accounts audited.
Which ITR form is applicable for higher turnover without presumptive income?
In such cases, you must file ITR-3, as ITR-4 is not allowed when you are not under the presumptive scheme and/or books of accounts are mandatory.
I also have a salary income below ₹1 crore. Can I include it with business income in one return?
Yes. Income from salary, house property, interest, business/profession, and other sources can all be reported in one ITR (ITR-3 in this case).
Are Audit and Financial statements preparation covered in the plan?
Audit & preparation of financial statements is not part of the plan.
Is revised return covered under the plan?
Revised return filing on account of incorrect information provided by the assessee during the original return filing shall not form part of the plan.
What is the cancellation / refund policy?
Refund is applicable only if no Experthas been assigned on the Expert’se, for detailed policy please visit our terms of use
Is interest income from savings or fixed deposits taxable?
Yes. Interest from FDs is fully taxable. Savings account interest is taxable after claiming the exemption of ₹10,000 under Section 80TTA (or ₹50,000 under 80TTB for senior citizens).
I have exempt income like PPF interest or LIC maturity. Do I need to report it?
Yes. Even though exempt income is not taxable, it must be reported in your ITR under the exempt income schedule.