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No, you won't be needed to take care of guides of account when you select presumptive taxation method.
Presumptive taxation techniques To ease tiny taxpayers are offered under Section 44AD, 44ADA and 44AE. While Area 44ADA is for gurus Portion 44AD and 44AE fears compact small business taxpayers. Let us comprehend them in detail.
As a result the taxpayer can choose for your presumptive taxation plan under section 44ADA and the taxable money chargeable is fifty% of the entire receipts.
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In the above illustration, the whole receipt is underneath the revised/improved presumptive Restrict of Rs. seventy five lakh and the cash receipt is lower than five% of the full receipts.
In the above mentioned scenario, Mr Ram can choose presumptive taxation If your tax is paid on fifty% of gross receipts. Therefore, Ram can decide to pay back tax under the presumptive scheme of taxation under section 44ADA.
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Portion 44AD – According to Part 44AD, where by a taxpayer opts for presumptive taxation scheme for virtually any in the monetary yr he is required to carry on to decide for a similar for next 5 several years. If he fails to take action, he won't be qualified to choose presumptive taxation plan u/s 44AD for five several years succeeding the calendar year where he opts out. Additional, with regard to All those 5 economical years where by taxpayer is ineligible to go with presumptive taxation plan u/s 44AD, normal publications of account must be managed and audit shall be conducted if complete revenue exceeds simple exemption limit.
In case of Part 44AE, if taxpayer is actually a partnership business, salary and interest paid to associates is authorized as deduction from prescribed money above