Presumptive Income Tax Return come with numerous benefits like reducing tax liability, saving time etc. The section 44AD has eased the way you file your presumptive income tax returns. It helps you escape from scrutiny and demands. This helps in giving relief to small tax payers. It helps you save time in various ways:
1. You need not fill a long form since it has been replaced by a shorter form for the one filing presumptive tax.
2. You need not maintain the books of accounts.
3. You need not get your books audited. Unlike other professionals who need to pay advance tax, those under Presumptive Tax Scheme (PTS) don’t need to pay advance tax which means that they need not estimate their income 4 times a year which is of help as well. The filling of form 4S is easier than filling the form
4.
Another benefit of filing tax through Presumptive Tax Scheme is that there is a minimum rate of estimation of income. Hence the actual rate of profit needs not be calculated and the minimum of 8% can be used as profit rate. Thus total revenue will help to calculate presumptive profit. There is no need to go into actual calculations which saves time as well. However, if you think that you earn much more than the 8% of total revenue, then you can easily increase the rate for yourself. The government will be happy to accept the additional tax you pay on the income. Now freelancers and other professionals can file their ITR through TECHNOVISTASERVICES for hassle free experience. TECHNOVISTASERVICES will extend you all the help you need easily at a charge of a very nominal fee which will be less than others. You will have a wonderful experience that will make you come back to us over and over again. The service we provide is of top quality. TECHNOVISTASERVICES - an online platform for income tax return filing, tds return filing, gst registration, gst return filing .
