GENERAL KNOWLEDGE

GK

TAXES IN INDIA

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
In case an assessee is engaged in the business of civil construction, presumptive income scheme is applicable if the gross receipts paid or payable to him in the previous year does not exceed:
A
Rs. 10lakhs
B
Rs. 40lakhs
C
Rs. 70lakhs
D
1 crore
Explanation: 

Detailed explanation-1: -The presumptive taxation scheme of section 44ADA is designed to give relief to small taxpayers engaged in specified profession. The Finance Act, 2021 has amended provisions of section 44ADA to define eligible assessee.

Detailed explanation-2: -1 What is Presumptive Taxation? To give relief to small taxpayers from the tedious job of maintenance of books of account and getting the books of account audited, the Income tax Act has framed the Presumptive Taxation Scheme under sections 44AD, 44ADA and 44AE of the Income Tax Act, 1961.

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