Presumptive Taxation Scheme

Presumptive Taxation Scheme In order to make tax filing simpler for small businessmen and professionals, the presumptive taxation scheme was introduced. Under this scheme, the taxpayer is not required to maintain books of accounts. Instead, the taxpayer’s income is calculated…

Section 44AE of Income Tax Act

Section 44AE of Income Tax Act To simplify the complicated procedures of calculating business tax filing for small businesses or small assessees, the Presumptive Taxation Scheme was incorporated under the Income Tax Act, 1961. The section 44AE under this scheme…