44 cash Can Be Fun For Anyone
44 cash Can Be Fun For Anyone
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Presumptive taxation scheme relieves tiny taxpayers from maintaining frequent books of account and get them audited. Threshold boundaries below 44AD and 44ADA increased in Funds 2023.
In the above mentioned scenario, Mr Ram can go with presumptive taxation Should the tax is paid on 50% of gross receipts. Hence, Ram can decide to spend tax beneath the presumptive plan of taxation beneath area 44ADA.
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No other deductions for business bills that are usually permitted can be claimed eg. depreciation, hire, administrative charges etc
No, you won't be essential to take care of publications of account after you opt for presumptive taxation process.
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Entire progress tax might be paid by last installment of progress tax i.e., 15 March of the 12 months, in case of failure to do so, curiosity is leviable @ 1% on shortfall as per Section 234C
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Listed here, we can Examine his taxable revenue less than normal provisions as well as presumptive scheme as below:
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