5 Tips about 44 cash You Can Use Today
5 Tips about 44 cash You Can Use Today
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Inspite of choosing presumptive plan below segment 44ADA, taxpayer can assert portion eighty tax conserving deductions and investments.
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Presumptive taxation scheme lets the taxpayers declare their taxable profits in a prescribed level irrespective of true gain/gains and in turn relieves them from your burden of keeping common guides of account and receiving the very same audited.
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Overall progress tax is usually paid by past installment of advance tax i.e., 15 March of a year, in case of failure to do so, interest is leviable @ 1% on shortfall as per Segment 234C
In the above situation, Mr Ram can go with presumptive taxation In case the tax is compensated on 50% of gross receipts. Hence, Ram can opt to fork out tax underneath the presumptive plan of taxation under section 44ADA.
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The limit is increased to INR seventy five lakhs if the total sum received in cash doesn't exceed 5 p.c of the entire gross receipts of these types of earlier 12 months.