An Unbiased View of 44 cash
An Unbiased View of 44 cash
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No, you will not be necessary to maintain guides of account when you finally choose presumptive taxation process.
Experts talked about within the portion can pay tax on their gross receipts underneath section 44ADA, and they could opt for this scheme only if their full profits isn't going to exceed Rs.seventy five lakhs/fifty lakhs.
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Income within the job is obtainable at a decreased rate than fifty% with the gross receipts (i.e., the expenses to get claimed is a lot more than 50% from the gross receipts) and the full money is over the basic exemption.
Taxpayers declare income at a prescribed charge in spite of real revenue. It's applicable underneath Part 44AD, 44AE, and 44ADA for different types of taxpayers and professions.
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In the above mentioned case, Mr Ram can choose presumptive taxation if the tax is paid out on fifty% of gross receipts. Therefore, Ram can choose to pay back tax beneath the presumptive plan of taxation under portion 44ADA.