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Whole advance tax could be paid out by previous installment of advance tax i.e., fifteen March of the 12 months, in the event of failure to do so, interest is leviable @ 1% on shortfall According to Segment 234C
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If an assessee meets any of the following conditions, then they must retain books of accounts and acquire accounts audited less than part 44AB:
In accordance with Part 44ADA, a freelancer that has chosen the Presumptive Plan is required to declare 50% of their gross profits as revenue. It is actually possible to report profit like a predetermined proportion of receipts without keeping any accounting data.
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Part 44AD – As per Segment 44AD, in which a taxpayer opts for presumptive taxation plan for any in the economical year he is needed to continue to choose for the same for next 5 many years. If he fails to do so, he will not be qualified to select presumptive taxation plan u/s 44AD for five years succeeding the year during more info which he opts out. Further, with respect to All those 5 fiscal several years exactly where taxpayer is ineligible to opt for presumptive taxation scheme u/s 44AD, standard textbooks of account must be taken care of and audit shall be done if overall money exceeds essential exemption limit.
Segment 44AD – Typical publications of accounts are to generally be managed if cash flow exceeds the basic exemption Restrict and an audit shall be completed if problems as per provisions of Portion 44AB are fulfilled.
No concession in payment of progress tax. Very same shall be paid out in four installments According to regular progress tax provisions
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Certainly. For those who owe greater than INR ten,000 in taxes for that fiscal 12 months, You should pay out progress tax. Instead of making 4 payments in usual conditions, you have to pay out advance tax on or right before March 15th For those who have picked a presumptive taxation procedure underneath section 44AD or 44ADA.
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