The presumptive plan of taxation decreases the compliance burden on compact professions and facilitates ease of accomplishing business enterprise. Under the presumptive scheme of taxation, profits/taxable cash flow is presumed at fifty% of the gross receipts.
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I am a chartered accountant, perfectly-versed from the ins and outs of cash flow tax, GST, and retaining the textbooks well balanced. Quantities are my issue, I am able to sift as a result of financial statements and tax codes with the best of these. But there's An additional side to me – a aspect that thrives on text, not figures. Browse more
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In the above mentioned situation, Mr Ram can go with presumptive taxation When the tax is paid out on fifty% of gross receipts. That's why, Ram can decide to spend tax under the presumptive plan of taxation less than part 44ADA.
Hence the taxpayer can decide to the presumptive taxation plan under section 44ADA and also the taxable earnings chargeable is fifty% of the overall receipts.
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