However, to provide reduction to small taxpayers in the wearisome task of preserving textbooks of account and obtaining them audited, income tax regulation has introduced the strategy of presumptive taxation plan.
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The two the calculation to become created for your time period throughout which the goods carriage is owned by the taxpayer
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If an assessee meets any of the subsequent requirements, then they need to preserve publications of accounts and acquire accounts audited beneath segment 44AB:
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Presumptive taxation plan allows the taxpayers declare their taxable income at a prescribed amount irrespective of true profit/gains and in turn relieves them in the load of retaining frequent books of account and getting the identical audited.
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Indeed. When you owe more than INR ten,000 in taxes for the fiscal click here year, You must pay back advance tax. As an alternative to producing four payments in ordinary situation, you should spend progress tax on or just before March 15th Should you have chosen a presumptive taxation process underneath area 44AD or 44ADA.