Live online course on Presumptive Taxation under Section 44AD/44ADA/44AE

Day 1: Understanding the Basics and Application

Session 1: Introduction to Presumptive Taxation

• Overview of Presumptive Taxation
  a) What is Presumptive Taxation?
  ▪ Concept and purpose
  ▪ Historical background and evolution
  b) Importance and Benefits
  ▪ Simplification of tax compliance
  ▪ Reduced burden of record-keeping
  ▪ Applicability to small businesses and professionals
• Section 44AD: Presumptive Taxation for Small Businesses
  a) Eligibility Criteria
  ▪ Who can opt for Section 44AD?
  ▪ Turnover limits and types of businesses covered
  b) Income Calculation under Section 44AD
  ▪ Presumptive rate of income: 8%/6%
  ▪ Calculation method with examples
  ▪ Advance tax payment requirements
  c) Implications of Opting Out
  ▪ Consequences of opting out
  ▪ Requirement to maintain books of accounts
• Section 44ADA: Presumptive Taxation for Professionals
  a) Eligibility and Applicability
  ▪ Who can opt for Section 44ADA?
  ▪ Specified professions under this section
  b) Income Calculation under Section 44ADA
  ▪ Presumptive rate of income: 50%
  ▪ Calculation method with examples
  c) Comparisons with Regular Taxation
  ▪ Advantages and disadvantages
  ▪ Case studies on different professional scenarios
• Practical Examples and Calculations
  a) Example 1: Small Business under Section 44AD
  ▪ Step-by-step calculation of taxable income
  b) Example 2: Professional under Section 44ADA
  ▪ Calculation of income and tax liability
  c) Interactive Exercise
  ▪ Participants calculate tax under presumptive taxation with given data

Day 2: Advanced Concepts and Compliance

Session 2: Advanced Concepts and Practical Considerations

• Section 44AE: Presumptive Taxation for Transporters
  a) Eligibility Criteria
  ▪ Who can opt for Section 44AE?
  ▪ Types of vehicles covered and ownership limits
  b) Income Calculation under Section 44AE
  ▪ Presumptive income per vehicle
  ▪ Case studies for different vehicle types
  c) Record-Keeping and Compliance
  ▪ What records need to be maintained
  ▪ Interaction with GST and other tax laws
• Compliance, Record-Keeping, and Audit Requirements
  a) Exemptions from Maintaining Books of Accounts
  ▪ Understanding the conditions under Sections 44AD, 44ADA, and 44AE
  b) Audit Requirements
  ▪ When is an audit required?
  ▪ Implications of exceeding the threshold limits
  c) Filing Income Tax Returns
  ▪ Relevant ITR forms (ITR-4)
  ▪ Filing deadlines and consequences of non-compliance
• Common Issues, Misconceptions, and Recent Amendments
  a) Misconceptions about Presumptive Taxation
  ▪ Addressing common myths and queries
  b) Issues Faced by Taxpayers
  ▪ Common challenges in compliance
  c) Recent Amendments and Updates
  ▪ Overview of recent changes in the tax laws
  ▪ Impact of amendments on presumptive taxation
• Q&A, Case Studies, and Practical Scenarios
  a) Case Study: Mixed Income Sources
  ▪ Handling scenarios with multiple income sources
  b) Interactive Q&A Session
  ▪ Addressing participant queries
  c) Additional Resources and Further Learning
  ▪ Providing participants with resources for further study