Simplified tax scheme for small businesses: optional presumptive taxation with bank payment and no regular assessment procedures. An optional presumptive taxation scheme permits eligible individuals and HUFs in retail trade, eating houses, or defined vocations to pay tax on a deemed income basis using a prescribed statement-cum-challan filed and paid at designated banks, obviating regular return filing and assessment procedures. The scheme limits eligibility by prior non-assessment, turnover and other-source income caps, restricts allowable deductions, defines included vocations and excludes professionals, sets bank receipting and data transmission protocols, provides that survey teams will not inquire further where tax is paid under the scheme, and permits reopening only on concrete evidence of misuse.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Simplified tax scheme for small businesses: optional presumptive taxation with bank payment and no regular assessment procedures.
An optional presumptive taxation scheme permits eligible individuals and HUFs in retail trade, eating houses, or defined vocations to pay tax on a deemed income basis using a prescribed statement-cum-challan filed and paid at designated banks, obviating regular return filing and assessment procedures. The scheme limits eligibility by prior non-assessment, turnover and other-source income caps, restricts allowable deductions, defines included vocations and excludes professionals, sets bank receipting and data transmission protocols, provides that survey teams will not inquire further where tax is paid under the scheme, and permits reopening only on concrete evidence of misuse.
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