Which of the following are considered as Presumptive tax?
1. Minimum Alternate Tax
2. Cash Withdrawal Tax
3. Securities Transaction Tax
4. Commodities Transaction Tax
5. Fringe Benefit Tax
6. Tonnage Tax
Select the correct code:
1, 2, 3, 4, 5
As per the Income-tax Act, a person engaged in business is required to maintain regular books of account and further, he has to get his accounts audited. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD and 44AE.A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from tedious job of maintenance of books of account and also from getting the accounts audited.
For small taxpayers the Income-tax Act has framed two presumptive taxation schemes as given below: