15 July 2016
Hi..1) it necssary to maintain record of accounting under presumptive tax? 2)can we get benefit of basic exemption on it? Is it exemption on declared turnover or on 8% of turnover? 3) can legal authority like court or tax department can demand me for account record if I paid presumptive tax?
16 July 2016
No you are not required to maintain books of accounts if you are paying under presumptive taxation.Yes you are eligible for slab rate & exemptions benifits that will be availaible on declared turnover.No income tax will not demand your books if you pay as per presumptive taxation.
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