I'm a chartered accountant, properly-versed inside the ins and outs of money tax, GST, and retaining the guides well balanced. Quantities are my matter, I can sift through monetary statements and tax codes with the best of them. But you can find An additional side to me – a aspect that thrives on text, not figures. Read far more
Taxpayers declare income at a prescribed charge despite true profits. It is applicable less than Portion 44AD, 44AE, and 44ADA for differing kinds of taxpayers and professions.
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Segment 44ADA – Typical textbooks of accounts are to be preserved and have them audited if money exceeds primary exemption Restrict.
In the above case, Mr Ram can choose presumptive taxation If your tax is paid on fifty% of gross receipts. That's why, Ram can opt to pay back tax under the presumptive scheme of taxation less than section 44ADA.
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