No concession in payment of advance tax. Similar shall be paid in four installments According to standard progress tax provisions
No, you won't be necessary to keep up guides of account once you opt for presumptive taxation method.
Eligible experts incorporate interior decorators, engineers, professional medical practitioners, and much more. Sustaining books of accounts and auditing prerequisites vary based on cash flow amounts. The scheme allows for easy tax calculation based upon gross receipts.
Will I be authorized any deduction for almost any expenditure incurred for investments and insurance policies premium less than Part 80C and 80D, if I select presumptive taxation?
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In the event the professionals declare their money for being less than 50% of their gross whole receipts and also when they exceed the the limit of gross receipt, then they can not select presumptive taxation.
Portion 44ADA was introduced to increase the plan of simplified presumptive taxation to specified specialists. Before, the presumptive scheme of tax was obtainable only to little firms.
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44 cash is not really to blame for any on the terms presented to you personally. Charges, costs, and phrases are right decided on because of the lender.
On the other hand, the amplified limit will be offered provided that the cash receipt would not exceed 5% of the entire receipt from the organization or profession as the situation can be.
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