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If your professionals assert their income to generally be lower than fifty% in their gross full receipts and also when they exceed the the limit of gross receipt, then they can not select presumptive taxation.
Observe: Any total compensated by way of advance tax on or in advance of 31st working day of March shall even be dealt with as progress tax compensated throughout the money yr ending on that day.
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Remember to overview the legislation within your state To find out more with regard to the implications of not repaying a payday bank loan.
Portion 44AD – As per Part 44AD, the place a taxpayer opts for presumptive taxation scheme for just about any from the monetary calendar year he is necessary to continue to opt for a similar for up coming five a long time. If he fails to take action, he won't be suitable to opt for presumptive click here taxation scheme u/s 44AD for 5 yrs succeeding the yr during which he opts out. More, with respect to These five economical a long time exactly where taxpayer is ineligible to opt for presumptive taxation scheme u/s 44AD, normal publications of account should be taken care of and audit shall be conducted if overall cash flow exceeds fundamental exemption limit.
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Pros described in the section pays tax on their gross receipts beneath area 44ADA, and they will go for this plan provided that their whole profits would not exceed Rs.75 lakhs/fifty lakhs.
Section 44AD – Typical textbooks of accounts are to become managed if revenue exceeds the basic exemption limit and an audit shall be carried out if problems According to provisions of Segment 44AB are fulfilled.
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