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Need for change: Letter to BS on Sugam ITR-4S form for presumptive income

The purpose of presumptive income is defeated with this high 50% margin/profit

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The one-page Saral form for taxpayers having no business income to file income tax return up to an income of Rs 500,000 must be extended to all taxpayers. The Sugam ITR-4S form for presumptive income from business and profession must allow a maximum tax slab of 30 per cent only, the present slab of 50 per cent is too high. 

Small businessmen/professionals do not have that high a margin. Moreover, the purpose of presumptive income is defeated with this high 50 per cent margin/profit. The fee of Rs 5,000 for delay in filing income tax return after due date till December

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First Published: Jan 29 2018 | 9:35 PM IST

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