can a builder go for presumptive scheme

[MOHDYUNUS ANSARI]

BUILDER HAVING TURNOVER OF RS.2.5 CRORE GO FOR PRESUMPTIVE SCHEME

[DR.MARIAPPAN GOVINDARAJAN]

In my view no. Presumptive tax is applicable only to the turnover is less than ₹ 2 crores.

AI Summary

Presumptive taxation unavailable where turnover exceeds prescribed threshold, barring builders from opting for the scheme. Presumptive taxation is not available to a builder whose business turnover exceeds the statutory turnover threshold for the presumptive scheme; such taxpayers must compute income under the regular provisions rather than the presumptive regime.