The departmental officials usually do not explore a person usually, who submits his returns in time and don't hv undisclosed incomes. You are very much allowed as per law to declare your income at a flat rate of 6% without claiming any business expenses... but there are complexities like..
If presumptive taxation is opted for an assessment year and for subsequent assessment years presumptive taxation is not opted, then, the assessee can opt for presumptive taxation next only for the Assessment Year after 5 years from the first mentioned assessment year.
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presumptive taxation is the mentality of no hope of recovering money..like u can't make it even in next 8 yrs..so why r u still trading??
But, if that is true...u r Leaving... no problem...go for presumptive taxation...
but if u r still trading year after year, u r hoping to recover money.. but planning to file presumptive taxation again and again..like there is no hope...This is the mentality of a looser... Don't do it.. Think of it........
This discussion can go on and on.. There is adv and dis adv of diff method...
understand urself.. ur present position..ur progress in trading... hope or no hope to recover money.... then choose ur return...
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Yes, you can carry forward absorbed business loss up to 8 years, and claim whole accumulated loss with next years BIG profit itself...
u can adjust all loses.. if u can earn the money back from next 8years...it is a long time enough, to find any business is successful or not...
If presumptive taxation is opted for an assessment year and for subsequent assessment years presumptive taxation is not opted, then, the assessee can opt for presumptive taxation next only for the Assessment Year after 5 years from the first mentioned assessment year.
*******
presumptive taxation is the mentality of no hope of recovering money..like u can't make it even in next 8 yrs..so why r u still trading??
But, if that is true...u r Leaving... no problem...go for presumptive taxation...
but if u r still trading year after year, u r hoping to recover money.. but planning to file presumptive taxation again and again..like there is no hope...This is the mentality of a looser... Don't do it.. Think of it........
This discussion can go on and on.. There is adv and dis adv of diff method...
understand urself.. ur present position..ur progress in trading... hope or no hope to recover money.... then choose ur return...
*********
Yes, you can carry forward absorbed business loss up to 8 years, and claim whole accumulated loss with next years BIG profit itself...
u can adjust all loses.. if u can earn the money back from next 8years...it is a long time enough, to find any business is successful or not...