FAQs on Tax on ‘Presumptive Taxation Scheme’

Q.1

What is the meaning of presumptive taxation scheme?

Q.2

​Who is eligible to take advantage of the presumptive taxation scheme of section 44AD?

Q.3

​Which businesses are not eligible for presumptive taxation scheme?

Q.4

​Can an insurance agent adopt the presumptive taxation scheme of section 44AD?

Q.5

​Can a person engaged in a profession as prescribed under section 44AA(1) adopt the presumptive taxation scheme of section 44AD?

Q.6

​Can a person whose total turnover or gross receipts for the year exceed Rs. 2,00,00,000 adopt the presumptive taxation scheme of section 44AD?

Q.7

​What is the manner of computation of taxable business income under the normal provisions of the Income-tax Law, i.e., in case of a person not adopting the presumptive taxation scheme of section 44AD?

Q.8

​What is the manner of computation of taxable business income in case of a person adopting the presumptive taxation scheme of section 44AD?

Q.9

​As per the presumptive taxation scheme of section 44AD, income of a taxpayer will be computed @ 8% of the turnover or gross receipt and from the income of 8% can the taxpayer claim any further deductions?

Q.10

​If a person adopts the presumptive taxation scheme of section 44AD, then is he required to maintain books of account as per section 44AA?

Q.11

​If a person adopts the presumptive taxation scheme of section 44AD, then is he liable to pay advance tax in respect of income from business covered under section 44AD?

Q.12

What provisions will apply if a person who is eligible for the presumptive taxation scheme of section 44AD declares his income at a lower rate (i.e. less than 8%)?

Q.13

If a person adopts the presumptive taxation scheme but he opts out from the scheme in any of the subsequent five years, then what are the consequences?

Q.14

Who is eligible to take advantage of the presumptive taxation scheme of section 44ADA?

Q.15

What is the manner of computation of taxable income in case of a person adopting the presumptive taxation scheme of section 44ADA?

Q.16

Can a person who adopts the presumptive taxation scheme of section 44ADA claim any further deduction of expenses after declaring profit @ 50% of gross receipts?

Q.17

If a person adopts the presumptive taxation scheme of section 44ADA, then is he liable to pay advance tax in respect of income from profession covered under section 44ADA?

Q.18

If a person adopts the presumptive taxation scheme of section 44ADA, then he is required to maintain books of account as per section 44AA?

Q.19

What provision will apply if a person opt for the presumptive taxation scheme of section 44ADA and declares his income from profession at lower rate (i.e. less than 50%)?

Q.20

​For whom the presumptive taxation scheme of section 44AE is designed?

Q.21

​Who is eligible to take advantage of the presumptive taxation scheme of section 44AE and which business is eligible for the presumptive taxation scheme of section 44AE?

Q.22

​Can a person who owns more than 10 goods vehicles adopt the presumptive taxation scheme of section 44AE?

Q.23

​What is the manner of computation of taxable business income in case of a person adopting the presumptive taxation scheme of section 44AE?

Q.24

​As per the presumptive taxation scheme of section 44AE, income of a taxpayer will be computed at the rate of Rs. 7,500 per goods vehicle per month and in such a case can the taxpayer claim any further deductions from the presumptive income declared at the prescribed rate?

Q.25

​If a person adopts the presumptive taxation scheme of section 44AE, then is he required to maintain books of account as per section 44AA?

Q.26

​If a person adopts the presumptive taxation scheme of section 44AE, then is he liable to pay advance tax in respect of income from business covered under section 44AE?

Q.27

What provisions will apply if a person does not opt for the presumptive taxation scheme of section 44AE and declares his income at a lower rate?

1.      What is the meaning of presumptive taxation scheme?

​​​As per sections 44AA of the Income-tax Act, 1961, a person engaged in business is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD and 44AE .

 

A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from tedious job of maintenance of books of account.

 

For small taxpayers the Income-tax Act has framed two presumptive taxation schemes as given below:

 

1)         The presumptive taxation scheme of sections 44AD .

 

2)         The presumptive taxation scheme of sections 44ADA .​

 

3)         The presumptive taxation scheme of sections 44AE .​

 

2.      Who is eligible to take advantage of the presumptive taxation scheme of section 44AD?

​​​The presumptive taxation scheme of section 44AD can be adopted by following persons :

 

1) Resident Individual

 

2) Resident Hindu Undivided Family

 

3) 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 under section 10A / 10AA / 10B / 10BA or under sections 80HH to ​80RRB in the relevant year. ​

 

3.      Which businesses are not eligible for presumptive taxation scheme?

​​​​The scheme of section 44AD is designed to give relief to small taxpayers engaged in any business, except the following businesses:

 

Business of plying, hiring or leasing goods carriages referred to in sections 44AE .

A person who is carrying on any agency business.

  • A person who is earning income in the nature of commission or brokerage
  • Any business whose total turnover or gross receipts exceeds two crore rupees.​

Apart from above discussed businesses, a person carrying on profession as referred to in section 44AA(1) ​ is not eligible for presumptive taxation scheme.​

 

4.      Can an insurance agent adopt the presumptive taxation scheme of section 44AD?

​​A person who is earning income in the nature of commission or brokerage cannot adopt the presumptive taxation scheme of section 44D ​. Insurance agents earn income by way of commission and, hence, they cannot adopt the presumptive taxation scheme of section 44D ​.

 

5.      Can a person engaged in a profession as prescribed under section 44AA(1) adopt the presumptive taxation scheme of section 44AD?

​​​​​​​A person who is engaged in any profession as prescribed under section 44AA(1)​ cannot adopt the presumptive taxation scheme of section 44AD .​

 

However, he can opt for presumptive taxation scheme under section 44ADA​ and declare 50% of gross receipts of profession as his presumptive income. Presumptive Scheme under section 44ADA​ ​ is applicable only for resident assessee whose total gross receipts of profession do not exceed fifty lakh rupees.

 

6.      Can a person whose total turnover or gross receipts for the year exceed Rs. 2,00,00,000 adopt the presumptive taxation scheme of section 44AD?

​​The presumptive taxation scheme of section 44AD can be opted by the eligible per​sons if the total turnover or gross receipts from the business do not exceed the limit prescribed under section 44AB ​ ( i.e., Rs. 2,00,00,000). In other words, if the total turnover or gross receipt of the business exceeds Rs. 2,00,00,000 then the scheme of section 44AD cannot be adopted. ​

 

7.      What is the manner of computation of taxable business income under the normal provisions of the Income-tax Law, i.e., in case of a person not adopting the presumptive taxation scheme of section 44AD?

Generally, as per the Income-tax Law, the taxable business income of every person is computed as follows :

 

Particulars

Amount

Turnover or gross receipts from the business

XXXXX

Less : Expenses incurred in relation to earning of the income

(XXXXX)

Taxable Business Income

XXXXX

 

For the purpose of computing taxable business income in the above manner, the taxpayers have to maintain books of account of the business and income will be computed on the basis of the information revealed in the books of account​.

 

8.      What is the manner of computation of taxable business income in case of a person adopting the presumptive taxation scheme of section 44AD?

​​ In case of a person adopting the provisions of section 44AD , income will be computed on presumptive basis, i.e., @ 8% of the turnover or gross receipts of the eligible business for the year.

 

In other words, in case of a person adopting the provisions of section 44AD ​, income will not be computed in normal manner as discussed in previous FAQ ( i.e., Turnover less Expense) but will be computed @ 8% of the turnover.

 

Income at higher rate, i.e., higher than 8% can be declared if the actual income is higher than 8%. ​

 

9.      As per the presumptive taxation scheme of section 44AD, income of a taxpayer will be computed @ 8% of the turnover or gross receipt and from the income of 8% can the taxpayer claim any further deductions?

​​​ Under the normal provisions of the Income-tax Law, taxable business income will be computed after allowing deduction in respect of expenses which are deductible as per the Income-tax Actand after disallowing expenses which are not deductible as per the Income-tax Act.

 

In case of a person who is opting for the presumptive taxation scheme of section 44AD , the provisions of allowance/disallowances as provided under the Income-tax Law will not apply and income computed at the presumptive rate of 8% will be the final taxable income of the business covered under the presumptive taxation scheme and no further expenses will be allowed or disallowed.

 

​ While computing income as per the provisions of section 44AD , separate deduction on account of depreciation is not available, however, the written down value of any asset used in such business shall be calculated as if depreciation as per section 32 ​ is claimed and has been actually allowed. ​

 

10.    If a person adopts the presumptive taxation scheme of section 44AD, then is he required to maintain books of account as per section 44AA?

​​​ Section 44AA deals with provisions relating to maintenance of books of account by a person engaged in business/profession. Thus, a person engaged in business/profession has to maintain books of account of his business/profession according to the provisions of section 44AA .

 

In case of a person engaged in a business and opting for the presumptive taxation scheme of section 44AD , the provisions of section 44AA relating to maintenance of books of account will not apply. In other words, if a person adopts the provisions of section 44AD and declares income @ 8% of the turnover, then he is not requiredto maintain the books of account as provided under section 44AA in respect of business covered under the presumptive taxation scheme of section 44AD ​.​

 

11.    If a person adopts the presumptive taxation scheme of section 44AD, then is he liable to pay advance tax in respect of income from business covered under section 44AD?

​Any person opting for the presumptive taxation scheme under section 44AD is liable to pay whole amount of advance tax on or before 15th March of the previous year. If he fails to pay the advance tax by 15th march of previous year, he shall be liable to pay interest as per section 234C .

 

Note: Any amount paid by way of advance tax on or before 31st day of March shall also be treated as advance tax paid during the financial year ending on that day.

 

12.    What provisions will apply if a person who is eligible for the presumptive taxation scheme of section 44AD declares his income at a lower rate (i.e. less than 8%)?

​​​​​​​​A person can declare income at lower rate (i.e., less than 8%), however, if he does so, and his income exceeds the maximum amount which is not chargeable to tax, then he is required to maintain the books of account as per the provisions of section 44AA and has to get his accounts auditedas per section 44AB .​

 

13.    If a person adopts the presumptive taxation scheme but he opts out from the scheme in any of the subsequent five years, then what are the consequences?

​​​If a person opts for presumptive taxation scheme then he is also require to follow the same scheme for next 5 years. If he failed to do so, then presumptive taxation scheme will not be available for him for next 5 years. [For example, an assessee claims to be taxed on presumptive basis under Section 44AD for AY 2017-18. For AY 2018-19 and 2019-20 also he offers income on basis of presumptive taxation scheme. However, for AY 2020-21, he did not opt for presumptive taxation Scheme.  In this case, he will not be eligible to claim benefit of presumptive taxation scheme for five AYs, i.e. from AY 2021-22 to 2025-26.]

 

He is required to keep and maintain books of account and he is also liable for tax audit as per section 44AB from the AY in which he opts out from the presumptive taxation scheme. [If his total income exceeds maximum amount not chargeable to tax]

 

14.    Who is eligible to take advantage of the presumptive taxation scheme of section 44ADA?

​​​​The presumptive taxation scheme of sections 44ADA ​ can be adopted by a person resident in India, carrying on specified profession whose gross receipts do not exceed fifty lakh rupees in a financial year.  Following professions are specified profession:

 

1)         Legal​

2)         Medical

3)         Engineering or architectural

4)         Accountancy

5)         Technical consultancy

6)         Interior decoration

7)         Any other profession as notified by CBDT

 

15.    What is the manner of computation of taxable income in case of a person adopting the presumptive taxation scheme of section 44ADA?

​​​In case of a person adopting the provisions of sections 44ADA , income will be computed on presumptive basis, i.e. @ 50% of the total gross receipts of the profession. However such person can declare income higher than 50%.

 

In other words, in case of a person adopting the provisions of sections 44ADA ​, income will not be computed in normal manner but will be computed @50% of the gross receipts.

16.    Can a person who adopts the presumptive taxation scheme of section 44ADA claim any further deduction of expenses after declaring profit @ 50% of gross receipts?

​No, a person who adopts the presumptive taxation scheme is deemed to have claimed all deduction of expenses. Any further claim of deduction is not allowed after declaring profit @ 50%.

 

17.    If a person adopts the presumptive taxation scheme of section 44ADA, then is he liable to pay advance tax in respect of income from profession covered under section 44ADA?

​​​A person opting for the presumptive taxation scheme of sections 44ADA ​ is also liable to pay advance tax.

 

18.    If a person adopts the presumptive taxation scheme of section 44ADA, then he is required to maintain books of account as per section 44AA?

​​​In case of a person engaged in a specified profession as referred in sections 44AA(1​) and opts for presumptive taxation scheme of section 44ADA, the provision of sections 44AA relating to maintenance of books of account will not apply. In other words, if a person opt for the provisions of sections 44ADA and declares income @50% of the gross receipts, then he is not required to maintain the books of account in respect of specified profession.

 

19.    What provision will apply if a person opt for the presumptive taxation scheme of section 44ADA and declares his income from profession at lower rate (i.e. less than 50%)?

​​​​A person can declare income at lower rate (i.e. less than 50%), however, if he does so, and his income exceeds the maximum amount which is not chargeable to tax, then he is required to maintain the books of account as per the provisions of sections 44AA and has to get his accounts audited as per sections 44AB .

 

20.    For whom the presumptive taxation scheme of section 44AE is designed?

​​The scheme of sections 44AE ​ is designed to give relief to small taxpayers engaged in the business of plying, hiring or leasing goods carriages.

 

21.    Who is eligible to take advantage of the presumptive taxation scheme of section 44AE and which business is eligible for the presumptive taxation scheme of section 44AE?

​​The provisions of sections 44AE are applicable to every person ( i.e. , an individual, HUF, firm, company, etc.).

 

The presumptive taxation scheme of sections 44AE ​ can be adopted by a person who is engaged in the business of plying, hiring or leasinggoods carriages and who does not own more than 10 goods vehicles at any time during the year.​​

 

22.    Can a person who owns more than 10 goods vehicles adopt the presumptive taxation scheme of section 44AE?

​​The presumptive taxation scheme of ​ sections 44AE can be adopted by a person who is engaged in the business of plying, hiring or leasinggoods carriages and who does not own more than 10 goods vehicles at any time during the year.

 

The important criterion of the scheme is the restriction of owning of not more than 10 goods vehicles at any time during the year. Thus, if a person owns more than 10 goods vehicles at any time during the year, then he cannot take advantage of this scheme.​

 

23.    What is the manner of computation of taxable business income in case of a person adopting the presumptive taxation scheme of section 44AE?

​​In case of a person who is willing to opt for the presumptive taxation scheme of sections 44AE , income will be computed on an estimated basis. Income will be computed @ Rs. 7,500 per month or part thereof during which the goods vehicle is owned by the taxpayer, in the previous year. Part of the month would be considered as full month.

 

Note: If the actual income is higher, than the presumptive rate, i.e., higher than Rs. 7,500, then such higher income can be declared.

 

Illustration for better understanding

 

Mr. Khush is engaged in the business of plying, hiring or leasing goods carriage. Throughout the year 2015-16 he owned 9 goods vehicle (5 heavy goods vehicle and 4 other than heavy goods vehicle). What will be the taxable income from the business of plying, hiring or leasing goods carriages if he adopts the provisions of sections 44AE ?

**

As per the provisions of sections 44AE , income will be computed @ Rs. 7,500 per month or part thereof during which the goods vehicle is owned by the taxpayer. The rate of Rs. 7,500 per month is same for heavy as well as other than heavy goods vehicle.

 

In the present case Mr. Khush owned 9 goods vehicle throughout the year and hence income will be computed as follows:

 

Particulars

Rs.

Income per month per goods vehicle

7,500

(×) No. of goods vehicle

9

Monthly income as per the provisions of sections 44AE from 9 goods vehicle

67,500

(×) No. of months in the year during which the vehicles were owned

12

Total income from business of plying, hiring or leasing goods carriages as per the provisions of sections 44AE

 

8,10,000​

 

24.    As per the presumptive taxation scheme of section 44AE, income of a taxpayer will be computed at the rate of Rs. 7,500 per goods vehicle per month and in such a case can the taxpayer claim any further deductions from the presumptive income declared at the prescribed rate?

​​ Under the normal provisions of the Income-tax Act, taxable business income will be computed after allowing deduction in respect of expenses which are deductible as per the Income-tax Actand after disallowing expenses which are not deductible as per the Income-tax Act.

 

In case of a person who is opting for the presumptive taxation scheme of sections 44AE , the provisions of allowance/disallowances as provided under the Income-tax Act, will not apply and income computed at the presumptive rate of Rs. 7,500 per goods vehicle per month will be the final incomeand no further expenses will be allowed or disallowed.

 

However, in case of a taxpayer, being a partnership firm, opting for the presumptive taxation scheme, from the income computed at the rate of Rs. 7,500 per goods vehicle per month, further deduction can be claimed on account of remuneration and interest paid to partners (computed as per the Income-tax Act).

 

While computing income as per the provisions of sections 44AE , separate deduction on account of depreciation is not available, however, the written down value of any asset used in such business shall be calculated as if depreciation as per section 32 ​​ is claimed and has been actually allowed. ​

 

25.    If a person adopts the presumptive taxation scheme of section 44AE, then is he required to maintain books of account as per section 44AA?

​​ ​ Section 44AA of the Income-tax Act, 1961 has provisions relating to maintenance of books of account by a person engaged in business/profession. Thus, a person engaged in business/profession has to maintain books of account of his business according to the provisions of ​ section 44AA .

 

In case of a person opting for the presumptive taxation scheme of section 44AE , the provisions of ​ section 44AA relating to maintenance of books of account will not apply. In other words, if a person adopts the provisions of section 44AE and declares his income at the rate of Rs. 7,500 per goods vehicle per month, then he is not required to maintain the books of account as provided under ​ section 44AA in respect of business covered under the presumptive taxation scheme of section 44AE. ​

 

26.    If a person adopts the presumptive taxation scheme of section 44AE, then is he liable to pay advance tax in respect of income from business covered under section 44AE?

​​

There is no concession as regards payment of advance tax in case of a person who is adopting the presumptive taxation scheme of section 44AE and, hence, he will be liable to pay advance tax even if he adopts the presumptive taxation scheme of section 44AE ​​. ​

 

27.    What provisions will apply if a person does not opt for the presumptive taxation scheme of section 44AE and declares his income at a lower rate?

​​A person can declare his income at lower rate ( i.e., less than Rs. 7,500 per goods vehicle per month).However, if he does so, then he is required to maintain the books of account as per the provisions of section 44AA and has to get his accounts audited under section 44AB

 
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