The presumptive plan of taxation decreases the compliance burden on small professions and facilitates ease of undertaking organization. Beneath the presumptive scheme of taxation, profits/taxable earnings is presumed at fifty% with the gross receipts.
Yes, someone can declare benefit of Segment 44AD and Segment 44ADA concurrently if he/she has earnings from both of those profession and also organization.
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All deductions for company expenditures are considered to have been permitted. Once income are taxed at fifty% of the gross receipts, the harmony of 50% is deemed to become allowed towards each of the organization bills on the assessee.
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No other deductions for small business expenses that usually are permitted could be claimed eg. depreciation, rent, administrative expenses and so on
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In the above mentioned circumstance, Mr Ram can opt for presumptive taxation In case the tax is compensated on fifty% website of gross receipts. As a result, Ram can choose to pay back tax under the presumptive scheme of taxation under part 44ADA.
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