I have an option to presume and declare that my income is 8% (or I have an option to presume more) of my sales. This percentage further reduces to 6% for my portion of sales which are received in bank by cheque or electronic mode. So if I presume and declare an income of 8% (or 6% and 8% component-wise), then I can get following benefits:
I need not maintain any books or detailed records of expenses or incomes, even though I am beyond the ‘no books requirement case’, this option is an exception to the books requirement .
I just declare my income on a level of at least 8%/6% of my turnover and that ends all my income tax compliances.
I can’t take any benefits of expenses, or depreciation, those all are presumed to be covered in taking my income at the level I declare.
I can’t go the presumptive route if I am doing a business of agency or getting commission or brokerage.