Small and medium enterprises contribute a major portion to the GDP and to the growth of the economy. As a matter of convenience for them, Income-tax Act extends certain benefits to them and provides relaxation from compliance with certain provisions, inter-alia, an option to compute income on presumptive basis, exemption from mandatory audit of books of account, exemption from TDS and so forth. This document gives a brief introduction to those provisions which provide certain benefits to small businessmen.
W.e.f. assessment year 2015-16, e-filing of return is mandatory for an individual or HUF in the following circumstances:
However, a super senior citizen can file return of income in electronic mode or in physical form even if his total income exceeds Rs. 5,00,000 or if he is claiming income-tax refund provided return is being furnished in ITR- 1 or ITR- 4 (SUGAM).