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No, you won't be demanded to keep up books of account after you choose presumptive taxation method.

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The Restrict is elevated to INR seventy five lakhs if the whole amount of money gained in cash will not exceed five p.c of the total gross receipts of such prior calendar year.

If your experts assert their profits being lower than fifty% in their gross total receipts and also whenever they exceed the the Restrict of gross receipt, then they can't go with presumptive taxation.

In accordance with Segment 44ADA, a freelancer who has picked the Presumptive Plan is needed to declare fifty% in their gross money as earnings. It truly is feasible to report gain as a predetermined proportion of receipts with no keeping any accounting records.

Both of those the calculation being manufactured for the period of time for the duration of which the goods carriage is owned by the taxpayer

Extending the repayment conditions of a bank loan may perhaps lead to more interest paid, and late costs, which can drastically boost the total amount you pay again on a loan. Usually, bank loan renewal procedures are regulated from the condition government. Learn more regarding your states guidelines in regard to bank loan renewal, and carefully browse the lender’s conditions before check here signing a loan agreement.

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Written down value of assets could be computed as though depreciation is and it has generally been claimed within the property

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Portion 44ADA –  Frequent guides of accounts are to generally be preserved and obtain them audited if cash flow exceeds standard exemption Restrict.

All deductions for business charges are deemed to are actually permitted. As soon as profits are taxed at 50% in the gross receipts, the balance of fifty% is deemed to generally be permitted toward each of the company expenses with the assessee.