How to add your Presumptive Business?

Running a business is a challenging task in itself and managing accurate books of accounts for it can become a real drag. Here's the good news: if your business is eligible, you can ditch the detailed accounts and report your income as presumptive. This guide will walk you through adding and reporting your business under the presumptive scheme.

Head over to File> Incomes > Business & Profession > Add business and select one from “Trading Goods” and “Services”. The process of adding both these incomes is same, so you can follow these steps to enter either of the two. Choose your taxation scheme as presumptive and continue.

Your business's receipts have to be less than 3 crores to be able to opt for this scheme. For more info click here.

Adding details of the business

Now that you have decided which taxation suits your business best, lets add the details of your business

• If your business is GST registered choose ‘Registered’ and add the GSTIN & GST Revenue
• If not just add the name of your business and save
• Choose your business category and sub category from the list of options available
• Add the address of your business

Adding Business Income,

You will have to provide only these details of your income,

• Bank Revenue and the income earned through that revenue

• Cash Revenue and the income earned through that revenue

You will have to report a minimum 6% of your revenue as income received from banks and 8% of your revenue received in cash.

Adding Assets & Liabilities,

Lastly, you will have to add details of your business assets and liabilities. Press on the Assets & Liabilities tab on the top bar and start by adding your assets

• You will be able to add your fixed assets, investments, current assets and other assets
• After this, move on to liabilities and add details of reserves, non current and current liabilities.

Based on the assets and liabilities you enter, we calculate the Proprietors capital field for you.

That's it! Get a gist of all you have added from the summary tab. You will be able to see your taxable income, P&L Statement and the Balance Sheet. If you're stuck or facing any issues, our support teams got your back, contact them here.