Section 44AD is the presumptive taxation scheme for business. A business with a turnover up to INR 2 Crore can take the benefit of presumptive taxation under Section 44AD.
To add Business Income u/s 44AD, follow the below-mentioned steps:
- Navigate to Incomes > Business & Profession
- Choose Business Income u/s 44AD
- Enter the Business Details
- Enter Business Income Details. While adding business profit, keep in mind that a taxpayer should report 6%/8% or more of the gross sales or turnover as income in the ITR.
- Finally, you will be able to see your Income from Business & Profession summary
Note: You will be able to Add/ Delete/ Update your business income by clicking on your business.