Industry experts described within the section can pay tax on their own gross receipts beneath area 44ADA, and they might go for this scheme only if their whole earnings does not exceed Rs.seventy five lakhs/50 lakhs.
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The Restrict is increased to INR seventy five lakhs if the entire quantity been given in cash won't exceed five p.c of the total gross receipts of such prior 12 months.
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Segment 44ADA was launched to extend the scheme of simplified presumptive taxation to specified pros. Earlier, the presumptive scheme of tax was accessible only to small organizations.
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Every single lender within our community has their unique coverage when it comes to late payments. Prior to deciding to conform to a financial loan you will end up presented with the data concerning the implications of constructing late payments.
Having said that, to deliver relief to compact taxpayers in the wearisome task of preserving books of account and receiving them audited, money tax regulation has launched the thought of presumptive taxation scheme.
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Displays the amount of hours worked and the quantity of hrs of leave Employed in Every single category calendar year thus far.
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