In the above mentioned illustration, the entire receipt is underneath the revised/amplified presumptive Restrict of Rs. seventy five lakh as well as the cash receipt is below five% of the overall receipts.
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Pros talked about inside the area can pay tax on their own gross receipts underneath section 44ADA, and they could select this scheme provided that their complete income isn't going to exceed Rs.75 lakhs/fifty lakhs.
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Note: Any amount of money paid out Through advance tax on or right before 31st day of March shall also be treated as progress tax paid in the course of the money calendar year ending on that day.
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Deduction of remuneration will not be permitted if the firms money are taxed underneath the presumptive taxation section 44AD or 44ADA.
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In the above mentioned circumstance, Mr Ram can go for presumptive taxation Should the tax is paid on fifty% of gross receipts. Consequently, Ram can decide to pay out tax under the presumptive plan of taxation beneath area 44ADA.