The 44 cash Diaries
The 44 cash Diaries
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Hence the taxpayer can choose for the presumptive taxation plan underneath segment 44ADA and also the taxable money chargeable is 50% of the full receipts.
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In the above illustration, the full receipt is underneath the revised/amplified presumptive Restrict of Rs. 75 lakh and also the cash receipt is less than 5% of the whole receipts.
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Additionally, you will be needed to fork out desire under Sections 234B and 234C if you do not pay out advance tax through the fiscal yr's 15th of March.
Taxpayers declare cash flow at a prescribed amount in spite of true income. It can be applicable underneath Segment 44AD, 44AE, and 44ADA for differing types of taxpayers and professions.
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Revenue with the profession is offered in a decrease level than fifty% on the gross receipts (i.e., the bills to be claimed is much more than 50% with the gross receipts) and the total cash flow is over The essential exemption.