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Below, we are able to Assess his taxable profits less than regular provisions along with the presumptive scheme as below:

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six% of overall turnover or gross receipts of a tax yr acquired by account payee cheque/lender draft, ECS by way of checking account on or in advance of owing date of submitting the return of earnings

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Segment 44AD – According to Portion 44AD, wherever a taxpayer opts for presumptive taxation plan for virtually any in the money yr he is required to continue to opt for a similar for subsequent five a long time. If he fails to take action, he will not be qualified to go for presumptive taxation plan u/s 44AD for 5 several years succeeding the calendar year in which he opts out. More, with respect to Individuals 5 economic yrs the place taxpayer is ineligible to opt for presumptive taxation scheme u/s 44AD, common publications of account have to be managed and audit shall be executed if overall profits exceeds basic exemption limit.

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Displays the financial quantity of several hours worked and of depart Employed in Each and every classification in the course of the spend period of time.

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The penned down price (WDV) of property for tax needs shall be calculated as of the read more depreciation is allowed every year. This WDV could be the worth with the asset for tax uses inside of a situation exactly where the asset is offered later through the assessee.