Industry experts outlined in the portion will pay tax on their gross receipts underneath area 44ADA, and they might choose this plan provided that their total revenue does not exceed Rs.seventy five lakhs/fifty lakhs.
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Precisely what is presumptive taxation? A presumptive taxation is a method wherein a govt assumes a particular share of your respective turnover/gross receipts as your taxable money no matter the fees incurred.
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As Element of that method, CP Foods has reduced the number of suppliers who provide fishmeal with the creation of shrimp feed.
In accordance with Segment 44ADA, a freelancer who may have selected the Presumptive Plan is needed to declare 50% in their gross earnings as earnings. It truly is possible to get more info report earnings as being a predetermined proportion of receipts without preserving any accounting records.
Of course. When you owe over INR 10,000 in taxes for your fiscal calendar year, You must fork out progress tax. Instead of earning four payments in typical situation, you need to pay out advance tax on or ahead of March 15th For those who have selected a presumptive taxation process beneath portion 44AD or 44ADA.
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