How To File Income Tax Return With Taxgoal

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PRESUMPTIVE INCOME TAX FILING- RS.1769

 PRESUMPTIVE INCOME TAX FILING- RS.1769

ITR-4 is filed for persons having small businesses or profession who can not prepare proper book of accounts (like doctors, architects, consultants etc). For ease of doing business government has given a facility to file your return of income on estimate basis i.e. Presumptive Income. Under Presumptive income tax filing return can be filed by business u/s 44AD, having gross receipt or turnover less than Rs 2 crores or profession having gross receipts less than Rs 50 lakhs u/s 44ADA. Also persons engaged in business of leasing, plying or hiring of trucks having not more than 10 goods carriage can file return under Presumptive Taxation u/s 44AE. Taxgoal assists small business men, startups and professionals in maximising their tax savings and filing their returns fast and easy.

 

Not Required to maintain Books of Accounts for your Business? Don’t know your exact income? File presumptive income return u/s 44AD/44ADA/44AE using this plan.

Who can file Income Tax return under presumptive income scheme?

  • Resident Individual
  • Resident Hindu Undivided Family
  • Resident Partnership Firm (not Limited Liability Partnership Firm)
  • In other words, the scheme cannot be adopted by a Non-resident and by any person other than an Individual, a HUF or a Partnership firm (not Limited Liability Partnership Firm)
  • Further, this Scheme cannot be adopted by a person who has made any claim towards deductions u/s 10A/10AA/10B/10BA or u/s 80HH to ​80RRB in the relevant year.

Services Covered

  • Assistance on Income tax Queries like issues relating to deduction, tax saving etc.
  • Filing of Income Tax return
  • Assist in payment of challan for discharging tax liability
  • Review of Computation of tax and file return once approved by you

For Whom this plan is?

  • Any Individual, HUF or Partnership Firm (not LLP) whose Turnover or Gross receipts from Business does not exceeds 2 crores (Sec 44AD) and wishes to declare profit 8% or above of Gross receipts or Turnover
  • The Presumptive taxation scheme of section 44AE can be adopted by a person who is engaged in the Business of plying, hiring or leasing of goods carriages and who does not own more than 10 goods vehicles at any time during the year. (Sec 44AE)
  • Professionals & Freelancers having Annual Gross receipts under Rs. 50 lakh and declaring income at 50% or above(no audit) (Sec 44ADA) and wishes to declare Profit from Profession 50% or above of Gross receipts.

Documents Required

  • Details such as PAN card no, AADHAAR CARD
  • Bank details such as Account no., IFSC code
  • Bank Account statement
  • Proofs of Investments such as LIC premium paid, fees of children etc
  • Details of any Advance Tax deposited
  • Gross receipts during the year along detail of other incomes and expenses
  • Any other detail as required

Frequently asked questions

Form 26AS is a statement that shows the details of tax credit in a tax-payer’s account as per the IT Department’s records. The tax credit will include all the different taxes like TDS, Self-Assessment tax, Advance tax etc

Some of the types of deductions are: 1. 80C : Deduction Lic premium paid, tution fee of children, PPF etc. Maximum deduction allowed is Rs 150000. 2. 80TTA: Deduction form income of saving bank interest upto Rs 10000 3 80D : Deduction for medicliam premium paid (through banking modes) upto Rs 25000 for person below 60 years of age and Rs 50000 for person above 60 years of age (Max deduction under this section is RS 100000) 4. 80E: Deduction for interest on loan taken for pursuing higher education of self or family members or a relative. 5. 80G: Deduction for eligible Donations upto either 100% or 50% like donation in Prime Minister Nation Relief fund etc.

It is possible to file a revised return if the original return has been filed before the due date and the Department has not completed the assessment. However, a revision is not possible for a return filed after the due date.

Some of the income classified under other sources are: 1. Any contribution to a fund for welfare of employees received by the employer. 2. Income received by way of interest on securities. 3. Income from letting out or hiring of plant, machinery or furniture. 4. Money received under a Keyman Insurance Policy including bonus. 5. Commission or brokerage 6. Tution fee 7. Dividend Incomme 8. Winnings from lotteries, crossword puzzles, races including horse races, card game and other game of any sort, gambling or betting of any form is classified as income from other sources. 9. Gifts received by an individual or HUF (which are chargeable to tax) are also taxed under this head.

The due date for filing your Income Tax Return for the financial year 2017-2018 is 31st July, 2018. However belated return for F.Y. 2017-2018 can be filed upto 31st March 2019.

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