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Nevertheless, to offer relief to small taxpayers through the tiresome work of preserving guides of account and acquiring them audited, revenue tax regulation has launched the concept of presumptive taxation plan.
Portion 44ADA – Regular textbooks of accounts are to get maintained and get them audited if revenue exceeds fundamental exemption limit.
Larger sized Notes: Substantial notes at quite a few exchange spots frequently generate a much better level than scaled-down denominations. It’s also worth getting clean and crisp notes if at all possible.
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Hence the taxpayer can choose for that presumptive taxation scheme below part 44ADA as well as the taxable revenue chargeable is fifty% of the full receipts.
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