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In accordance with Portion 44ADA, a freelancer who's got picked the Presumptive Scheme is required to declare 50% of their gross money as cash flow. It is actually possible to report profit for a predetermined proportion of receipts without the need of sustaining any accounting records.
The presumptive plan of taxation cuts down the compliance load on compact professions and facilitates simplicity of executing company. Underneath the presumptive scheme of taxation, profits/taxable earnings is presumed at fifty% of the gross receipts.
Section 44AE – Normal guides of account shall be maintained and audit shall be carried out regardless of turnover or money.
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In the above illustration, the total receipt is below the revised/elevated presumptive limit of Rs. 75 lakh and the cash receipt is a lot less than five% of the entire receipts.
The statement is made Every shell out period and is obtainable to the worker by EPP and will be mailed underneath Distinctive conditions. It is on the market into the Agency as a result of RPCT Reporting Center.
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Section 44ADA – Normal books of accounts are to be preserved and obtain them audited if revenue exceeds standard exemption limit.
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Right after choosing presumptive taxation, In case your profits goes beyond the set Restrict then you have to get your guides audited.
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Whole advance tax can be paid by last installment of progress tax i.e., 15 March of a 12 months, in the event of failure to take action, desire is leviable @ one% on shortfall According to Section 234C