About This Service
This is a specialized service for entrepreneurs to report their business turnover, expenses, and net profit. It involves the preparation of a Financial Statement (P&L and Balance Sheet) even if an audit is not required. For small businesses, we leverage Presumptive Taxation (Section 44AD/44ADA) to offer a “No-Accounts” filing option where a fixed percentage of turnover is declared as profit, significantly reducing the tax burden and compliance cost.
Eligibility & Criteria
- Limits: Mandatory if business turnover exceeds ₹2.5 Lakh (income) or if seeking to carry forward business losses.
- Presumptive Limits: Up to ₹3 Crore for Goods (8% or 6% profit) and ₹75 Lakh for Professionals (50% profit), provided cash receipts are < 5%.
- Forms: ITR-3 (Detailed) or ITR-4 (Sugam – Presumptive).
- Penalty: Up to 200% of tax evaded for under-reporting income
