In the above situation, Mr Ram can go with presumptive taxation If your tax is compensated on fifty% of gross receipts. Hence, Ram can choose to pay back tax under the presumptive scheme of taxation under section 44ADA.
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Presumptive taxation schemes To ease tiny taxpayers are provided beneath Section 44AD, 44ADA and 44AE. While Segment 44ADA is for pros Part 44AD and 44AE concerns small business taxpayers. Let us realize them intimately.
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Displays the get more info quantity of several hours worked and the volume of several hours of leave used in Every single group in the pay period.
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Below, we can compare his taxable money underneath typical provisions and also the presumptive scheme as under:
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Cash flow with the occupation is obtainable at a reduce amount than 50% from the gross receipts (i.e., the expenditures for being claimed is in excess of 50% of the gross receipts) and the full profits is in excess of The essential exemption.
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