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What exactly is presumptive taxation? A presumptive taxation is usually a process wherein a federal government assumes a specific proportion of your turnover/gross receipts as your taxable money no matter the expenditures incurred.
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In the event of Portion 44AE, if taxpayer can be a partnership organization, income and interest paid to companions is allowed as deduction from prescribed revenue previously mentioned
Presumptive taxation scheme allows the taxpayers declare their taxable earnings in a prescribed fee regardless of precise earnings/gains and subsequently relieves them with the burden of retaining frequent publications of account and receiving the exact audited.
Complete progress tax is usually paid by last installment of advance tax i.e., 15 March of a year, in the event of failure to take action, fascination is leviable @ one% on shortfall as per Part 234C
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Offering an employer contact number substantially boosts your probabilities of obtaining a mortgage. If you're on Rewards, You should utilize the contact number of The federal government Business that gives your Added benefits. Enter Employer Telephone