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Presumptive taxation is a method of offering the profits on a presumptive basis rather than the actual basis. Under presumptive taxation, you can offer a specific percentage or fixed amount as income despite offering the actual income. For example if your Sales is 1 crore, you may offer 6% of the sales that is Rs.6 lakhs and pay tax based on that instead of offering the actual profits which may be higher say 30 lakhs. Certain conditions are applicable for one to be eligible to opt for presumptive taxation which are detailed in sections 44 AD, 44 ADA and 44 AE.
The existing provisions contained in the said section (applicable to individual, HUF or partnership firm) provides that notwithstanding anything to the contrary contained in section 28 to 43C
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* * * * * * * * * * * * What are the presumptive, probable and positive signs of pregnancy? * * * * What information is included in the initial prenatal assessment? a.
Form ITR-4 is used for filing Income Tax Return by those taxpayers who have opted for the presumptive income scheme under Sections 44AD, 44ADA and 44AE of the Income Tax Act, 1961. This is, however, subject to the business turnover limit of INR 2 crores, exceeding which the taxpayer would be required to file ITR-3. Presumptive Taxation scheme is a scheme that exempts the small taxpayers from maintenance of books of accounts. Eligible to file Form ITR 4
Title: Discussion on Presumptive Tax / Safe Harbor approach for Indian IT and ITES Sector Author: raju bhatnagar Last modified by: Kaushik Created Date
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Section 11(b) of the Charter of Rights & Freedoms guarantees the right to be tried within a reasonable time. The purpose of this right is to ensure accused parties are not subject to lengthy procedural delays. Justice Moldaver of the Supreme Court of Canada explained in R v. Jordan that maintaining S. 11(b) rights “ensures that the system functions in a fair and efficient manner”, and ultimately, furthers the interests of justice.
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Section 11(b) of the Charter of Rights & Freedoms guarantees the right to be tried within a reasonable time. The purpose of this right is to ensure accused parties are not subject to lengthy procedural delays. Justice Moldaver of the Supreme Court of Canada explained in R v. Jordan that maintaining S. 11(b) rights “ensures that the system functions in a fair and efficient manner”, and ultimately, furthers the interests of justice.
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