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Hey I am on Medial • 2m
🔥🕉️ BJP announced No Tax On businesses and startups Upto 2 Crores turnover 💰🇮🇳🚀 • Presumptive Taxation ( Section 44AD ) For Small Businesses: Individuals, HUFs, and partnership firms (except LLPs) can opt. 1= Taxable Income Presumed: • 8% of turnover for cash transactions. • 6% of turnover for digital transactions. 2= Simplified Compliance • No need to maintain detailed books of accounts. • No need for tax audit if turnover ≤ ₹2 crore. • Reduces compliance burden for small businesses. 3= Latest Updates • Higher Turnover Limit: Increased from ₹2 crores to ₹3 crores if cash receipts ≤ 5% of total turnover. • Encourages Digital Transactions: More businesses can now benefit if they use digital payments. 4= Tax Payment & Compliance • Advance Tax: Entire tax liability must be paid by March 15 of the financial year. • Fixed Presumed Profit: Even if actual profit is lower, tax is still calculated on 6-8% of turnover. • Cannot Claim Business Deductions: No deductions for rent, depreciation, salaries, etc. 5= Restrictions & Limitations • No Opting In & Out Frequently: Once opted out, cannot re-enter for 5 years. 6= Not Allowed For: • Commission agents, brokerage firms, and agency businesses. • Businesses engaged in hiring, leasing, or plying goods carriages. • No Loss Carry Forward: Business losses cannot be adjusted in future years. 7= Advantage for startup and businesses • Less paperwork & compliance burden for small businesses. • No tax audit required if turnover ≤ ₹2 crores • Lower tax rate (6%) for digital transactions • Encourages digital payments & transparency • High Growth opportunities and easy market entry • Competitive Advantage for competing with giants 🇮🇳💰 What's your take on this ?
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