The assessee can file a tax return on a presumptive basis if he/she is an assessee covered under "Specified Profession". However, the total gross receipts from profession shall not exceed 50 lakhs in a financial year
Specified professions are:
- Film Artists
- Technical consultancy
- Interior decoration
- Other notified professionals
- Authorized representatives
- Certain sports-related persons, Company Secretaries and Information technology
The assessee above has to show higher of the following Income
- 50% of the gross receipts from the profession OR
- Income from profession offered by the assessee
The benefit by showing income under a presumptive basis is the assessee is not required to maintain books of account, neither he is required to get account audited.
However, if the assessee wants to show the income less than above then he can do so subject to maintenance of books of account and audit.