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Will I be permitted any deduction for any expenditure incurred for investments and insurance coverage high quality under Area 80C and 80D, if I go with presumptive taxation?
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(a) combination of all quantities obtained which include sum been given for income, turnover or gross receipts during the previous calendar year, in cash, doesn't exceed 5 for each cent from the said quantity; and
Section 44ADA delivers a straightforward means of taxation for tiny specialists. Section 44ADA offers a plan of presumptive taxation for profits and gains arising from professions stated beneath Portion 44AA(one) from the Earnings Tax more info Act, 1961.
Presumptive taxation scheme allows the taxpayers declare their taxable cash flow in a prescribed level irrespective of precise income/gains and subsequently relieves them in the stress of keeping regular publications of account and receiving the exact same audited.
Irrespective of choosing presumptive scheme less than portion 44ADA, taxpayer can assert portion 80 tax preserving deductions and investments.
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No other deductions for business expenditures that are often authorized might be claimed eg. depreciation, hire, administrative expenses and so on
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this clause shall have outcome just as if for your text “a single crore rupees”, the phrases “5 crore rupees” were substituted; or
Human being carrying on small business having his total product sales will not exceed Rupee 5 crore from the previous year