presumptive taxation

ITR filing for FY 2024-25: What has changed and what you need to know

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ITR 1 (Sahaj) is meant for resident individuals and Hindu Undivided Families (HUFs) with total annual income up to ₹50 lakh from sources like salary, pension, interest, dividends, and rent from one house. LTCG relief This year’s Budget raised the tax-exempt limit for long-term capital gains (LTCG) on securities from ₹1 LAKH To ₹1.25 lakh. … Read more

Can presumptive taxation make business incomes up to ₹2 crore tax-free?

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But, some experts warn it may not be a blanket benefit available to all businesses and professionals eligible for presumptive taxation schemes. How does presumptive taxation work? Presumptive taxation for businesses and professionals is covered under Section 44AD and Section 44ADA, respectively. Under Section 44AD, small businesses with a turnover of up to ₹2 crore, whose … Read more