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Portion 44ADA supplies a simple method of taxation for smaller experts. Part 44ADA offers a plan of presumptive taxation for gains and gains arising from professions outlined below Section 44AA(one) from the Money Tax Act, 1961.

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Segment 44ADA –  Typical guides of accounts are to be maintained and obtain them audited if profits exceeds standard exemption limit.

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Yes. When you owe over INR 10,000 in taxes for the fiscal yr, You must pay out advance tax. Instead of making 4 payments in regular instances, you need to shell out progress tax on or prior to March fifteenth When you have selected a presumptive taxation procedure under portion 44AD or 44ADA.

In the above scenario, Mr Ram can go with presumptive taxation In the event the tax is paid on fifty% of gross receipts. That's why, Ram can opt to shell out tax underneath the presumptive plan of taxation less than area 44ADA. 

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