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No, you won't be expected to maintain textbooks of account once you select presumptive taxation procedure.
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Consequently the taxpayer can opt to the presumptive taxation plan below section 44ADA plus the taxable revenue chargeable is fifty% of the full receipts.
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Suitable experts include interior decorators, engineers, health-related practitioners, and even more. Retaining guides of accounts and auditing necessities differ depending on cash flow levels. The plan permits uncomplicated tax calculation dependant on gross receipts.
It is recommended that you just thoroughly assessment the phrases of the bank loan ahead of going ahead. In case you conform to the terms, you will be directed to some web page that can inquire for your e-signature.
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Presumptive taxation scheme relieves tiny taxpayers from keeping standard books of account and get them audited. Threshold limits less than 44AD and 44ADA increased in Funds 2023.
The freelancer is, consequently unable to submit any more expense statements. Nevertheless, he or she remains qualified to deduct Chapter VI-A costs for things like mediclaim premiums and LIC subscriptions.
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