Report presumptive business / profession income

If you’re a small business owner or professional, the presumptive taxation scheme makes filing easier for you by allowing you to declare income at a fixed percentage of your turnover or gross receipts. It removes the need for detailed bookkeeping and audits. 

If you're unsure about the presumptive scheme, you can check the Presumptive Taxation Scheme for more details.

Steps to report business income:

1. Go to File > Business & Profession > Add Business
2. Select the type of business
3. Choose the taxation scheme – Presumptive Taxation Scheme under section 44AD
4. Provide your business details, including the nature of the business and address
5. Enter your business details: Provide the business nature, address, and other required information
6. Enter bank revenue: Report your gross revenue and presumptive income (6% of turnover or actual profit, whichever is higher)
7. If applicable, enter cash revenue: Report your cash revenue and presumptive income (8% of turnover or actual profit, whichever is higher)
8. After saving your details, proceed to Add Assets & Liabilities.

Steps to report profession income:

1. Go to File > Business & Profession > Profession
2. Click on Add Profession
3. Choose the taxation scheme – Presumptive Taxation Scheme under section 44ADA
4. Enter profession details: Provide the category of your profession and business address.
5. Enter bank receipts: Report gross receipts and presumptive income (50% of gross receipts or actual profit, whichever is higher)
6. If applicable, enter cash receipts: Report cash receipts and presumptive income (50% of receipts or actual profit, whichever is higher)
7. Once saved, proceed to Add Assets & Liabilities

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