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Professionals mentioned during the area can pay tax on their gross receipts under area 44ADA, and they are able to go with this plan only if their full cash flow does not exceed Rs.75 lakhs/fifty lakhs.
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In accordance with Part 44ADA, a freelancer who may have picked the Presumptive Plan is required to declare fifty% in their gross money as money. It really is possible to report financial gain as a predetermined proportion of receipts devoid of keeping any accounting documents.
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Will I be allowed any deduction for virtually any expenditure incurred for investments and insurance plan quality less than Part 80C and 80D, if I opt for presumptive taxation?
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In the above situation, Mr Ram can go for presumptive taxation Should the tax is compensated on fifty% of gross receipts. As a result, Ram can choose to fork out tax beneath the presumptive scheme of taxation underneath segment 44ADA.
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