Presumptive tax scope to be extended

New Delhi, July 6

Finance Minister Pranab Mukherjee Monday proposed to extend the scope of presumptive tax to all businesses with a turnover of up to Rs.40 lakh.

"This will facilitate the business operations of all small tax payers and reduce their compliance burden,” the finance minister told parliament after tabling the union budget for 2009-10.

This will come into effect from 2010-11, he added.

Presumptive tax is a procedure for calculating profits of contractors who supply labour for civil construction or are in the business of plying, hiring and leasing transport for goods.

All presumptive tax payers will have the option to declare their income from business at the rate of 8 percent of their turnover and simultaneously enjoy exemption from the compliance burden of maintaining books of accounts.

Mukherjee said the small tax payers will be allowed to pay their entire tax ability from business at the time of filing their return by exempting them from paying advance tax.

Last updated on Jul 6^th, 2009 at 21:08 pm IST--IANS

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