The presumptive plan of taxation lowers the compliance burden on smaller professions and facilitates ease of carrying out company. Beneath the presumptive plan of taxation, profits/taxable earnings is presumed at 50% in the gross receipts.
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If your pros claim their cash flow for being below 50% in their gross total receipts in addition to whenever they exceed the the Restrict of gross receipt, then they can not opt for presumptive taxation.
Eligible experts involve inside decorators, engineers, medical practitioners, and much more. Maintaining guides of accounts and auditing prerequisites differ according to income stages. The scheme allows for basic tax calculation depending on gross receipts.
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