BUDGET 2014-15: Presumptive Taxation For All Resident Taxpayers

All resident taxpayers

Business	Rate at which income is presumed
Small Business Sales less than Rs. 1 crore	8 % of gross turnover/ or receipts
Plying, hiring or leasing goods carriages (person should not own over ten goods carriages at any time during  the previous year)	Rs. 7,500 per month/ part of month for each vehicle

(1) The gross receipts of the taxpayer do not exceed Rs. 1 Cr.

(2) All deductions / expenses (including depreciation)

shall be deemed to have been allowed.

(3) The taxpayer can claim lower profits,

if he keeps and maintains specified books of account

and obtains a tax audit report.

(4) Applicable to Individuals, Hindu Undivided Families and Firms

(excludes LLP, tax payer availing deduction under Section 10AA or Chapter VI-A(C) of the Act.)

(5) Specifically excludes persons carrying on specified professions, persons earning commission or /

brokerage income and persons carrying on any agency business.

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