Finance Minister Pranab Mukherjee, in his Budget speech today, has proposed to expand the scope of presumptive taxation to all small businesses with a turnover of up to Rs.40 lakh. This will facilitate the business operations of all small tax payers and to reduce their compliance burden. Accordingly, all such tax payers will have the option to declare their income from business at the rate of 8% of their turnover and simultaneously enjoy exemption from the compliance burden of maintaining books of accounts.
Mukherjee added that these small tax payers will be allowed to pay their entire tax ability from business at the time of filing their return by exempting them from paying advance tax. He informed that a new scheme will come into effect from the financial year of 2010-11.
Source: PIB
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