There are 3 types of Schemes for small business in which books of accounts are not required to be maintained
- 44AD Scheme
- 44ADA Scheme
- 44AE Scheme
These schemes are applicable to Small Proprietorship and Partnership
These are not applicable to companies
Business Covered in 44AD
If my turnover is upto 2 crores
8% of Sales is Profit for Cash Transaction and 6% for Bank Transactions
It covers all types of business,
except
- agency business
- professionals
Business Covered in 44ADA
If my turnover upto 50 lacs
50% of Sales is Profit for both Cash Transaction and Bank Transactions
It covers all types of professional like Doctor, CA, Advocates etc
Business Covered in 44AE
If i have upto 10 trucks,
then 7500 per truck per month is PGBP income for small trucks
and
1000 Per tonne per month for large trucks
It is applicable only to small goods transport who has not more 10 Trucks anytime during the year.
