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You will also be necessary to pay back desire under Sections 234B and 234C if you do not pay out advance tax from the fiscal calendar year's fifteenth of March.
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Full advance tax can be paid out by past installment of progress tax i.e., fifteen March of the yr, in case of failure to take action, curiosity is leviable @ one% on shortfall According to Part 234C
What's presumptive taxation? A presumptive taxation is actually a technique through which a federal government assumes a specific percentage of the turnover/gross receipts as your taxable profits no matter the expenses more info incurred.
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Taxpayers declare income at a prescribed rate irrespective of genuine profits. It truly is relevant below Section 44AD, 44AE, and 44ADA for differing kinds of taxpayers and professions.
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Below, we can Evaluate his taxable revenue less than typical provisions as well as the presumptive scheme as down below:
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Throughout this era, the industry is rather energetic with locals and tourists. It’s a perfect time to examine the stalls.