Understanding the Special provisions of Presumptive Taxation Scheme

Understanding the Special provisions of Presumptive Taxation Scheme

This 2024 edition of Understanding the Special Provisions of Presumptive Taxation Scheme by Ram Dutt Sharma provides a comprehensive and practical explanation of the presumptive taxation provisions under the Indian Income-tax Act, as amended by the Finance Act, 2024. It serves as a ready reference for taxpayers, professionals, and students seeking clarity on simplified income computation schemes for small businesses and professionals.

The book discusses in detail the statutory framework, eligibility criteria, computation mechanisms, and compliance requirements for residents and non-residents opting for presumptive taxation. It addresses common practical issues and provides guidance for accurate application of the law in real-world scenarios.

The content covers:

• Overview and objectives of presumptive taxation schemes under Sections 44AD, 44ADA, and 44AE

• Eligibility conditions for different categories of taxpayers – residents, non-residents, individuals, HUFs, firms, and LLPs

• Turnover/receipts thresholds and restrictions on deductions

• Method of computing income and deemed profit percentages

• Maintenance of books of account – exemptions and requirements

• Advance tax provisions and implications of opting in or out of the scheme

• Treatment of partners’ remuneration and interest in the case of firms

• Provisions applicable to transporters, small professionals, and non-resident taxpayers

• Impact of amendments introduced by the Finance Act, 2024

• Judicial interpretations clarifying contentious issues

• Practical illustrations and computation examples for better understanding

• Compliance checklists and procedural guidance for filing returns under presumptive schemes

This edition is particularly useful for:

• Chartered accountants, tax consultants, and finance professionals advising small businesses and professionals

• Small business owners and independent professionals seeking simplified tax compliance

• Non-residents with eligible Indian-source income under presumptive provisions

• Tax officials, academicians, and students of taxation law

With its blend of statutory analysis, practical examples, and compliance tools, Understanding the Special Provisions of Presumptive Taxation Scheme is an indispensable guide for anyone navigating the simplified taxation options available under the Indian Income Tax Law.