In the above mentioned illustration, the whole receipt is beneath the revised/enhanced presumptive Restrict of Rs. seventy five lakh as well as cash receipt is less than five% of the overall receipts.
No, you will not be necessary to keep up textbooks of account as soon as you go for presumptive taxation method.
In case the gurus assert their earnings to be below 50% in their gross full receipts as well as if they exceed the the Restrict of gross receipt, then they can not go for presumptive taxation.
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Following opting for presumptive taxation, Should your profits goes past the established Restrict then It's important to Get the books audited.
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Yes, you may decide equally Segment 44AD and Portion 44ADA collectively, Should you have income from business enterprise together with specified industry experts.
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Earnings from the job is offered in a decreased fee than fifty% on the gross receipts (i.e., the bills to get claimed is a lot more than 50% with the gross receipts) and the whole earnings is much more than The fundamental exemption.
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Listing your total available money which include wages, retirement, investments, and rental Houses. You are not required to reveal revenue that's alimony, boy or girl support or separate routine maintenance Until you wish to use that income to qualify for your financial loan.
In the above mentioned case, Mr Ram can go for presumptive taxation If your tax is compensated on fifty% of gross receipts. Hence, Ram can choose to pay tax under the presumptive scheme of taxation below segment 44ADA.