Nevertheless, to provide aid to smaller taxpayers with the wearisome task of maintaining publications of account and finding them audited, cash flow tax regulation has released the thought of presumptive taxation scheme.
In accordance with Section 44ADA, a freelancer who's got selected the Presumptive Plan is needed to declare fifty% in their gross cash flow as revenue. It is actually feasible to report profit like a predetermined proportion of receipts with out preserving any accounting data.
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Partnership firms (Be aware that confined legal responsibility partnerships are usually not eligible to go for Section 44ADA)
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Taxpayers declare profits in a prescribed amount despite actual income. It can here be applicable under Part 44AD, 44AE, and 44ADA for different types of taxpayers and professions.
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