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In the above scenario, Mr Ram can opt for presumptive taxation Should the tax is paid out on 50% of gross receipts. Consequently, Ram can prefer to shell out tax beneath the presumptive plan of taxation beneath part 44ADA.
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Develop your ask for to incorporate additional fiscal options that focus on consolidating unsecured debt.
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Authorised representative implies a individual who signifies An additional man or woman for any price just before a tribunal or any authority constituted less than any regulation. It does not contain an staff of the person so represented or maybe a one that is carrying over the occupation of accountancy
Presumptive taxation less than Sec 44ADA simplifies tax calculation for little experts. Portion 44ADA outlines policies and Positive aspects, with boundaries revised in Budget 2023.
Full progress tax could be paid by final installment of progress read more tax i.e., fifteen March of the 12 months, in the event of failure to take action, fascination is leviable @ 1% on shortfall According to Part 234C
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In this article, we can Assess his taxable profits beneath standard provisions and the presumptive scheme as beneath:
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