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In the midst of the hue and cry caused by demonetisation, the government, through the Central Board of Direct Taxes (CBDT), came up with an announcement on 19th December, 2016, giving huge tax benefits to small businessmen having a turnover of up to Rs 2 crore, for promoting digital payments and banking transactions and moving towards a less-cash economy.
The announcement allows businesses to declare 6 percent profits instead of the current 8 percent under section 44AD of the Income Tax Act.
What is section 44AD and presumptive taxation?
As per section 44AD of the Income Tax Act, 1961, any eligible person running an eligible business and who has a turnover (Revenue/Receipts) of up to Rs 2 crore can deem and disclose their profits from such business at 8 percent (or higher, at the discretion of the person) of the total turnover and pay income tax on such deemed profit.
For instance,
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