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Will I be authorized any deduction for any expenditure incurred for investments and insurance policy quality under Part 80C and 80D, if I go with presumptive taxation?
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six% of whole turnover or gross receipts of a tax calendar year gained by account payee cheque/financial institution draft, ECS via bank account on or right before due date of submitting the return of cash flow
Eligible experts contain inside decorators, engineers, health-related practitioners, and a lot more. Retaining guides of accounts and auditing requirements fluctuate determined by income degrees. The plan permits very simple tax calculation depending on gross receipts.
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Section 44ADA was released to extend the plan of simplified presumptive taxation to specified gurus. Earlier, the presumptive plan of tax was available only to little firms.
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Precisely what is presumptive taxation? A presumptive taxation is actually a system during which a governing administration assumes a specific proportion of your respective turnover/gross receipts as your taxable profits regardless of the costs incurred.
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