The presumptive scheme of taxation reduces the compliance burden on modest professions and facilitates ease of carrying out company. Beneath the presumptive scheme of taxation, earnings/taxable earnings is presumed at 50% of the gross receipts.
However, to supply relief to modest taxpayers in the monotonous job of preserving books of account and receiving them audited, money tax law has introduced the strategy of presumptive taxation plan.
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The published down benefit (WDV) of belongings for tax purposes shall be calculated as of the depreciation has long been allowed every year. This WDV would be the worth of your asset for tax needs within a circumstance where by the asset is bought later on from the assessee.
Note: Any volume compensated By the use of progress tax on or prior to 31st working day of March shall even be addressed as progress tax paid out throughout the economic 12 months ending on that working day.
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In the above mentioned scenario, Mr Ram can choose presumptive taxation In case the tax is compensated on fifty% of gross receipts. Therefore, Ram can prefer to pay tax beneath the presumptive plan of taxation below part 44ADA.
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