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Prusmptive income to regular assessment

885 viewsIncome Tax44ad Income tax
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Respected all professionals,
Pls give suggestion if a assessee file return of 16-17 in presumptive income profit more than 8% , in 17-18 have capital gain from share file itr3 with business profit more than 8%, can he eligible for again file in prusmptive income for 18-19 ? in this year no capital gain pls advise

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In presumptive taxation under Section 44AD, your net income is considered as 8% of your turnover and you will pay tax on that income. If your receipts are in the digital (non-cash) form then only 6% of your receipts are your net income and you will pay tax on that income. You don’t have to maintain accounting records.

Also, you can use accounting software such as QuickBooks 2020 desktop to file your income tax. This software is cloud-based, so you can access it from a remote location as well. Also, if you have any doubts you can connect with your QuickBooks enterprise hosting provider. They can help you with an exact solution.

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