Nonetheless, to supply aid to modest taxpayers through the monotonous task of retaining books of account and having them audited, income tax law has launched the strategy of presumptive taxation plan.
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In the above scenario, Mr Ram can go for presumptive taxation if the tax is compensated on 50% of gross receipts. Hence, Ram can opt to pay out tax beneath the presumptive plan of taxation underneath part 44ADA.
Additionally, you will be needed to shell out desire underneath Sections 234B and 234C If you don't pay back advance tax because of the fiscal 12 months's 15th of March.
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Area 44AD – According to Section 44AD, exactly where a taxpayer opts for presumptive taxation plan for almost any of your financial yr he is needed more info to carry on to decide for the same for following 5 yrs. If he fails to do so, he won't be qualified to go with presumptive taxation scheme u/s 44AD for 5 a long time succeeding the 12 months in which he opts out. Even further, with regard to Individuals five money a long time exactly where taxpayer is ineligible to choose presumptive taxation scheme u/s 44AD, common publications of account need to be maintained and audit shall be conducted if complete cash flow exceeds primary exemption limit.
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