In India, small businesses and freelancers can opt for the Presumptive Tax Scheme, allowing them to pay tax on only 50% of their income. This scheme applies to professionals earning below Rs. 75 lakh annually and businesses with a turnover under Rs. 3 crore. Cash transactions must be less than 5% of total income, and certain deductions are not applicable. Eligible individuals can simplify tax filing and potentially pay less tax. However, once enrolled, switching back to regular filing is restricted. Consultation with a tax advisor is recommended to assess suitability.
Tax Saving Scheme for Small Businesses and Freelancers
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