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No other deductions for small business charges that are generally allowed might be claimed eg. depreciation, rent, administrative charges and so forth

Presumptive taxation scheme lets the taxpayers declare their taxable cash flow in a prescribed price no matter genuine revenue/gains and consequently relieves them from your burden of protecting common textbooks of account and getting the identical audited.

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If a taxpayer adopts a presumptive tax scheme, he or she isn't demanded to keep up any publications of accounts under part 44AD. He / she just have to declare his / her presumptive profits on The premise of six% or 8% (as applicable)of the whole turnover or gross receipts of previous year

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The annuity requires into account don't just the cash worth of here the prize but will also the curiosity that it'll make after some time.

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Sure, equally the sections can be employed together, if he has income from both of those companies in addition to a career.

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Portion 44AD is usually a presumptive taxation plan, cash flow is going to be calculated on The idea of 8% of the turnover( six% in the event of electronic receipts and payments) and also the taxpayer features a reduction for not protecting the guides of account.

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