- National Defence Fund set up by the Central Government.
- Prime Minister’s National Relief Fund.
- In presumptive taxation under Section 44AD, your net income is considered as 8% of your turnover and you will pay tax on that income.
- If your receipts are in digital (non-cash) form then only 6% of your receipts is your net income and you will pay tax on that income.
- You don’t have to maintain accounting records.
- You don’t have to get your accounting records audited.
- You have to pay advance tax – but instead of estimating income and paying tax each quarter, you can pay all your advance tax before March 31. Advance tax, for taxpayers having opted for the presumptive scheme, is to be paid by 15th March of the relevant financial year if you expect that your income tax liability will exceed Rs.10,000 in the financial year.