Experts described while in the portion can pay tax on their gross receipts below segment 44ADA, and they can choose this plan provided that their total income does not exceed Rs.75 lakhs/fifty lakhs. 

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What on earth is presumptive taxation? A presumptive taxation can be a procedure wherein a government assumes a particular share within your turnover/gross receipts as your taxable profits no matter the costs incurred.

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The Restrict is enhanced to INR seventy five lakhs if the overall volume acquired in cash would not exceed five % of the overall gross receipts of these types of former calendar year.

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Despite opting for presumptive scheme underneath area 44ADA, taxpayer can claim segment 80 tax saving deductions and investments.

Presumptive taxation strategies to relieve modest taxpayers are delivered under Section 44AD, 44ADA and 44AE. Although Portion 44ADA is for pros Area 44AD and 44AE problems tiny business taxpayers. Allow us to comprehend them in detail.

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