New Step by Step Map For 44 cash
New Step by Step Map For 44 cash
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You will also be necessary to pay back interest beneath Sections 234B and 234C if you do not shell out advance tax with the fiscal year's fifteenth of March.
However, to offer reduction to little taxpayers with the wearisome job of maintaining textbooks of account and acquiring them audited, revenue tax law has introduced the principle of presumptive taxation plan.
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Presumptive taxation schemes To alleviate tiny taxpayers are furnished below Portion 44AD, 44ADA and 44AE. Even though Section 44ADA is for pros Segment 44AD and 44AE fears tiny business taxpayers. Allow us to comprehend them in detail.
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No other deductions for business costs that are usually permitted may be claimed eg. depreciation, rent, administrative expenditures etcetera
Will I be allowed any deduction for virtually any expenditure incurred for investments and coverage premium under Part 80C and 80D, if I go with presumptive taxation?
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Deduction of remuneration will not be permitted In the event the corporations cash flow are taxed underneath the presumptive taxation area 44AD or 44ADA.
The freelancer is, thus not able to post any more expense promises. Even so, he or she continues to be suitable to deduct Chapter VI-A fees for such things as mediclaim premiums and LIC subscriptions.
For this reason the taxpayer can opt for that presumptive taxation plan below section 44ADA plus the taxable earnings chargeable is fifty% of the overall receipts.
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