What's included
- Books and profit & loss preparation
- Presumptive taxation (44AD, 44ADA)
- Advance tax planning
Who needs it
- Proprietors, shopkeepers and traders
- Freelancers, creators and online sellers
- Doctors, lawyers, architects, consultants and other professionals
- Partners receiving remuneration and interest from a firm
Documents required
- Bank statements for all business accounts
- Sales and purchase registers, or GST returns
- Expense bills and details of major asset purchases
- Loan statements
- Last year's return and computation
- TDS certificates from your clients
How it works
- Understand the businessA short call on income streams, expenses and whether presumptive taxation suits you.
- Prepare the accountsWe write up or review your books and finalise the profit and loss account and balance sheet.
- Check audit and presumptive rulesWe confirm whether a tax audit applies and which scheme gives the right result.
- File and plan aheadWe file the return and set up advance tax instalments for the next year.
Timeline: 5–10 working days, depending on the state of your books.
Frequently asked questions
What is presumptive taxation?
Small businesses and specified professionals can declare income at a fixed percentage of turnover or receipts instead of maintaining full books. It saves time, but the declared income must meet the minimum rate and turnover limits apply.
Do I need a tax audit?
A tax audit is needed when turnover or receipts cross the limits in the Income-tax Act, and in some cases when presumptive income is declared below the prescribed rate. We check this before preparing the return.
Do freelancers have to pay advance tax?
Yes, if the tax payable for the year after TDS is ₹10,000 or more. It is paid in instalments during the year, and missed instalments attract interest.