The Fact About 44 cash That No One Is Suggesting
The Fact About 44 cash That No One Is Suggesting
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Precisely what is presumptive taxation? A presumptive taxation can be a procedure during which a authorities assumes a certain proportion of the turnover/gross receipts as your taxable income no matter the fees incurred.
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Presumptive taxation beneath Sec 44ADA simplifies tax calculation for smaller specialists. Segment 44ADA outlines policies and Added benefits, with restrictions revised in Finances 2023.
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In the above illustration, the entire receipt is below the revised/increased presumptive Restrict of Rs. 75 lakh and the cash receipt is fewer than five% of the full receipts.
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Complete advance tax is usually paid out by very last installment of progress tax i.e., fifteen March of a calendar year, in case of failure to take action, interest is leviable @ 1% on shortfall as per Part 234C
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Will I be permitted any deduction for almost any expenditure incurred for investments and coverage quality underneath Segment 80C and 80D, if I go with presumptive taxation?
We spend avg. on food items every day only 600 baht(two individual cooking nutritious foods and which includes take in-out sometimes).I should cook nearly every meal (except for lunch) clean and try every little thing to lessen expense of living e.g. modify gentle bulb to led and hanging clothes as an alternative to using dryer.