Presumptive Income Tax Filing

Section 44AD's scheme is intended to provide aid to small taxpayers involved in any industry, excluding the following:

• An individual who earns income in either brokerage or commission-based firm.
• Hiring or leasing of goods which is referred to as in Section 44AE.
• Any company whose total revenue or gross receipts, which is more than ₹2 crore.
• An individual who carries on business with any organization.
• A person who carries on his/her profession as referred to in section 44AA(1)

The below-mentioned conditions which are to be satisfied to adopt the PTS which falls under Section 44AD of the I-T Act:

• The annual revenue of the company or entity in the prior year must not exceed ₹2 crores.
• The provisions of Section 44AD may be followed by any firm or any individual who has not declared a tax deduction under Section 10A, Section 10AA, Section 10B, Section 10BA during the particular assessment year. The same applies to persons or businesses who have not sought a deduction under Section 80HH to RRB 80.
• Those laws can not be followed by individuals or businesses who/that are highly involved in the business of providing and recruiting carriages of goods.
• No presumptive taxation schemes may be introduced by a company or individual assessee engaged in professional services in which profit is received in the form of a brokerage or commission.