Presumptive tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

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?

Rachit Nagpal

Rachit Nagpal (Expert)
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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.