Industry experts outlined in the portion will pay tax on their own gross receipts beneath section 44ADA, and they are able to select this scheme only if their total revenue will not exceed Rs.75 lakhs/fifty lakhs.
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The assertion is created Every single pay out period and is out there to the worker as a result of EPP and may be mailed beneath Exclusive instances. It is out there on the Company by means of RPCT Reporting Middle.
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Be aware: Any amount paid out by way of advance tax on or before 31st day of March shall even be handled as advance tax paid during the financial year ending on that day.
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Sure, it is possible to opt each Portion 44AD and Section 44ADA collectively, When you have cash flow from business and also specified specialists.
Section 44ADA is really a Exclusive provision for calculating the taxable earnings for compact industry experts in specified conditions.
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After choosing presumptive taxation, If the earnings goes over and above the established limit then you have to get your books audited.
Part 44AE – Regular books of account shall be taken care of and audit shall be completed regardless of turnover or profits.