In case of Portion 44AE, if taxpayer is actually a partnership agency, income and fascination compensated to partners is permitted as deduction from prescribed revenue above
No, you won't be necessary to take care of publications of account after you select presumptive taxation system.
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Will I be authorized any deduction for just about any expenditure incurred for investments and insurance policies top quality beneath Section 80C and 80D, if I opt for presumptive taxation?
The limit is amplified to INR 75 lakhs if the overall amount of money gained in cash would not exceed five % of the total gross receipts of these types of previous calendar year.
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Part 44ADA was launched to increase the scheme of simplified presumptive taxation to specified pros. Earlier, the presumptive plan of tax was out there only to little firms.
Segment 44ADA is often a special provision for calculating the taxable revenue for tiny pros in selected situation.
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