The presumptive plan of taxation cuts down the compliance stress on smaller professions and facilitates relieve of performing enterprise. Under the presumptive plan of taxation, income/taxable cash flow is presumed at 50% on the gross receipts.
It is recommended that you simply thoroughly evaluation the phrases on the loan ahead of transferring forward. For those who conform to the terms, you will be directed to some website page that should check with to your e-signature.
Section 44AE – Normal guides of account shall be managed and audit shall be completed regardless of turnover or earnings.
No concession in payment of advance tax. Same shall be paid out in 4 installments According to normal progress tax provisions
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Following opting for presumptive taxation, When your income goes past the set limit then You should Obtain your publications more info audited.
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No other deductions for business fees that are usually allowed may be claimed eg. depreciation, rent, administrative fees and many others
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Overall advance tax could be compensated by final installment of progress tax i.e., 15 March of a year, in case of failure to do so, desire is leviable @ one% on shortfall as per Portion 234C
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Area 44AD – Common books of accounts are for being preserved if income 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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