Which businesses are not eligible for presumptive taxation scheme?
Rudra
Answered on January 03,2020
Answered on January 03,2020
The scheme of section 44AD is designed to give relief to small taxpayers engaged in any business, except the following businesses:
The business of plying, hiring or leasing goods carriages referred to in sections 44AE.
A person who is carrying on any agency business.
A person who is earning income in the nature of commission or brokerage
Any business whose total turnover or gross receipts exceeds two crore rupees.
Apart from above discussed businesses, a person carrying on profession as referred to in section 44AA(1) is not eligible for presumptive taxation scheme under section 44AD.
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