In the above mentioned illustration, the full receipt is underneath the revised/enhanced presumptive Restrict of Rs. seventy five lakh and the cash receipt is lower than 5% of the full receipts.
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Whole progress tax could be paid by last installment of advance tax i.e., fifteen March of a year, in the event of failure to take action, desire is leviable @ one% on shortfall as per Area 234C
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If an assessee fulfills any of the subsequent conditions, then they need to sustain guides of accounts and have accounts audited below part 44AB:
Following opting for presumptive taxation, If the revenue goes further than the set limit then you have to Get the textbooks audited.
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Therefore the taxpayer can choose for your presumptive taxation plan under section 44ADA as well as the taxable money chargeable is 50% of the full receipts.
Section 44ADA is really a Specific provision for calculating the taxable profits for tiny pros in selected conditions.
The freelancer is, consequently struggling to post any supplemental price statements. On the other hand, they remains to be eligible to deduct Chapter VI-A charges for such things as mediclaim rates and LIC subscriptions.
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Of course. For those who owe over INR ten,000 in taxes for that fiscal year, It's important to pay advance tax. Rather than generating four payments in ordinary situation, you should spend progress tax on or prior to March fifteenth When you have picked a presumptive taxation technique underneath segment 44AD or 44ADA.
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