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Complete advance tax is usually paid by past installment of advance tax i.e., 15 March of the 12 months, in case of failure to take action, curiosity is leviable @ one% on shortfall According to Portion 234C
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Presumptive taxation less than Sec 44ADA simplifies tax calculation for modest specialists. Part 44ADA outlines rules and benefits, with limits revised in Spending budget 2023.
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Soon after choosing presumptive taxation, If the revenue goes over and above the set limit then You need to Obtain your publications audited.
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No, you will not be demanded to keep up textbooks of account when you select presumptive taxation method.
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In the above circumstance, Mr Ram can go for presumptive taxation In case the tax is compensated on fifty% of gross receipts. Therefore, Ram can choose to spend tax under the presumptive plan of taxation underneath section 44ADA.
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