This method is called the presumptive method, where tax is paid on an estimated basis. With this in mind, the Income Tax Department has laid out some simple provisions where your income is assumed based on the gross receipts of your business. This makes it difficult to keep track of your income from such a business and find out how much tax you need to pay. When you are running a small business, you may not have enough resources to maintain proper accounting information and calculate your profit or loss. Not sure what ITR form to pick? Our software automatically picks it when you e-file.Į-file with ClearTax Presumptive Income & its Taxation – under section 44AD For downloading instructions to fill ITR-4S click here ClearTax automatically selects the right ITR Form for you The due date of filing the ITR-4S form for the Financial Year 2016-17 is 31 July 2017. However, if the turnover of the business mentioned above exceeds Rs 2 crores, the tax payer will have to file ITR-4. The Sugam ITR-4S Form is the Income Tax Return form for those taxpayers who have opted for the presumptive income scheme as per Section 44AD and Section 44AE of the Income Tax Act.
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