The presumptive scheme of taxation decreases the compliance load on modest professions and facilitates ease of carrying out organization. Beneath the presumptive plan of taxation, gains/taxable profits is presumed at 50% from the gross receipts.
Having said that, to offer relief to smaller taxpayers with the wearisome position of keeping books of account and finding them audited, money tax legislation has introduced the concept of presumptive taxation plan.
A forty four-12 months-aged person has long been charged with possessing legal assets, concealing felony assets and moving into into an arrangement to acquire criminal home.
No concession in payment of progress tax. Very same shall be paid out in four installments According to standard advance tax provisions
Should the pros claim their earnings to generally be a lot less than fifty% in their gross full receipts and also whenever they exceed the the limit of gross receipt, then they can't select presumptive taxation.
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No, you will not be necessary to keep up textbooks of account once you opt for presumptive taxation technique.
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That's why the taxpayer can opt for the presumptive taxation plan below segment 44ADA and the taxable revenue chargeable is fifty% of the full receipts.
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