The presumptive taxation scheme was introduced by the Income Tax Act, 1961 to give relief to small taxpayers from the tedious job of maintaining books of account and from getting the accounts audited.
It can only be opted by small businesses with turnover upto INR 2 crore and by professionals having gross receipts up to INR 50 lacs
Under the presumptive taxation scheme, one cannot claim business-related expenses like electricity charges, depreciation cost of electronics etc.
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