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In case of Portion 44AE, if taxpayer is actually a partnership business, income and fascination paid out to partners is allowed as deduction from prescribed profits above
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In the event the specialists assert their earnings to generally be fewer than 50% in their gross overall receipts and likewise should they exceed the the limit of gross receipt, then they can't go with presumptive taxation.
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Sure. When you owe greater than INR 10,000 in taxes for the fiscal 12 months, It's important to pay advance tax. As an alternative to producing 4 payments in usual situations, you need to spend progress tax on or in advance more info of March 15th Should you have picked a presumptive taxation method underneath section 44AD or 44ADA.
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Extending the repayment terms of a loan may possibly result in more fascination compensated, and also late service fees, that may tremendously boost the complete amount you pay out again over a mortgage. In most cases, bank loan renewal insurance policies are controlled via the condition authorities. Learn more about your states policies in regard to loan renewal, and punctiliously browse the lender’s conditions just before signing a bank loan deal.
In the above scenario, Mr Ram can opt for presumptive taxation Should the tax is paid on fifty% of gross receipts. Therefore, Ram can decide to fork out tax under the presumptive plan of taxation below part 44ADA.
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I'm a chartered accountant, very well-versed in the ins and outs of profits tax, GST, and retaining the books well balanced. Numbers are my matter, I'm able to sift as a result of fiscal statements and tax codes with the most effective of these. But there's A further facet to me – a side that thrives on terms, not figures. Examine much more