If you're a small business owner or professional, the Presumptive Taxation Scheme offers a simplified way to file your taxes. It allows you to declare income as a fixed percentage of your turnover or gross receipts, eliminating the need to maintain detailed books of accounts or undergo tax audits.

Steps to Report Business Income under Section 44AD

1. Navigate to File > Business & Profession > Add Business
2. Select your Type of Business
3. Choose the taxation scheme – Presumptive Taxation under Section 44AD
4. Provide Business Details – Nature of business and business address
5. Enter Bank Revenue – Gross turnover and presumptive income (6% of turnover or actual profit, whichever is higher)
6. Enter Cash Revenue (if applicable) – Gross cash turnover and presumptive income (8% or actual profit, whichever is higher)
7. Click Save, then proceed to Add Assets & Liabilities

Steps to Report Professional Income under Section 44ADA

1. Go to File > Business & Profession > Profession
2. Click on Add Profession
3. Choose the taxation scheme – Presumptive Taxation under Section 44ADA
4. Enter Profession Details – Category of profession and address
5. Enter Bank Receipts – Gross receipts and presumptive income (50% of receipts or actual profit, whichever is higher)
6. Enter Cash Receipts (if applicable) – Report cash receipts and income (50% or actual profit)
7. Click Save, then proceed to Add Assets & Liabilities

Steps to Add Assets & Liabilities

1. Click on the Assets & Liabilities section
2. Enter Assets – Include fixed assets, investments, current assets, etc.
3. Enter Liabilities – Include reserves, non-current, and current liabilities
4. Click Save once all details are filled in

Once everything is added, view a complete summary of your:

• Taxable income
• Profit & Loss (P&L) statement
• Balance sheet

Right from the Summary tab!

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