What's presumptive taxation? A presumptive taxation is often a method during which a federal government assumes a specific proportion of your respective turnover/gross receipts as your taxable earnings irrespective of the charges incurred.
Deduction of remuneration will not be authorized If your firms cash flow are taxed underneath the presumptive taxation section 44AD or 44ADA.
Section 44AD – Typical textbooks of accounts are for being preserved if money exceeds The fundamental exemption limit and an audit shall be performed if disorders as per provisions of Section 44AB are fulfilled.
Taxpayers declare revenue in a prescribed rate despite actual revenue. It is actually relevant under Section 44AD, 44AE, and 44ADA for different types of taxpayers and professions.
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Presumptive taxation plan lets the taxpayers declare their taxable income in a prescribed charge no matter true earnings/gains and consequently relieves them within the burden of preserving frequent textbooks of account and getting the exact same audited.
6% of complete turnover or gross receipts of a tax yr gained by account payee cheque/bank draft, ECS as a result of banking account on or in advance of because of day of submitting the return of profits