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In accordance with Area 44ADA, a freelancer who may have picked the Presumptive Scheme is required to declare 50% of their gross money as profits. It can be possible to report revenue like a predetermined proportion of receipts without having sustaining any accounting information.

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If an assessee fulfills any of the subsequent requirements, then they have to retain books of accounts and get accounts audited underneath segment 44AB:

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No other deductions for small business expenses that usually are permitted is often claimed eg. depreciation, lease, administrative charges etc

Extending the repayment phrases of a personal loan might lead to added fascination compensated, as well as late charges, which may considerably improve the overall volume you pay out back over a bank loan. Generally, personal loan renewal procedures are regulated through the state govt. Learn more about your states policies in regard to bank loan renewal, and carefully examine the lender’s phrases prior to signing a personal loan agreement.

Part 44ADA is usually a special provision for calculating the taxable revenue for compact experts in selected instances.

Precisely what is presumptive taxation? A presumptive taxation is usually a system wherein a government assumes a particular percentage of one's turnover/gross receipts as your taxable earnings irrespective of the charges incurred.

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