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of <h1>Small businesses can opt for deemed profit of 42,000 under Section 115K instead of actual computation</h1> Section 115K of the Income Tax Act provides a special computation scheme for small businesses and vocations. It applies to individuals and Hindu undivided families engaged in retail trade, eating places, motor vehicle operations, or prescribed vocations who have not been previously assessed for tax. Eligible persons can opt for a deemed profit of forty-two thousand rupees instead of actual profit computation. Retail traders must have turnover not exceeding five lakh rupees and income not exceeding forty-two thousand rupees. Other businesses and vocations must have income not exceeding forty-two thousand rupees. Applicants cannot have other income exceeding five thousand rupees and must submit prescribed statements with advance tax payment by March 31st of the relevant year.
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