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Entire progress tax can be compensated by very last installment of advance tax i.e., 15 March of the calendar year, in case of failure to take action, interest is leviable @ 1% on shortfall as per Portion 234C
e. five% of aggregate of each of the quantities obtained together with Utmost Cash Payment limit i.e. 5% of aggregate of all of the payments in the course of the year. As a result, assessee has to produce selected calculations for checking the applicability of Tax Audit.
The pursuit continued alongside the twin carriageway until the vehicle was ultimately introduced into a managed halt by officers.
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What is presumptive taxation? A presumptive taxation is really a process in which a federal government assumes a specific proportion of your respective turnover/gross receipts as your taxable cash flow no matter the costs incurred.
Eligible professionals include interior decorators, engineers, health care practitioners, plus much more. Keeping books of accounts and auditing specifications fluctuate according to earnings degrees. The scheme allows for simple tax calculation dependant on gross receipts.
Segment 44AD – According to Section 44AD, wherever a taxpayer opts for presumptive taxation scheme for any on the money yr he is necessary to continue to decide for a similar for future five several years. If he fails to do so, he won't be qualified to go for presumptive taxation plan u/s 44AD for 5 years succeeding the calendar year through which he opts out. More, with respect to Those people 5 financial yrs the place taxpayer is ineligible to opt for presumptive taxation scheme u/s 44AD, regular textbooks of account need to be preserved and audit shall be performed if overall earnings exceeds essential exemption limit.
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