The 44 cash Diaries
The 44 cash Diaries
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Individuals, HUFs or partnership firms to become qualified for picking presumptive income u/s 44AD mustn't Have got a turnover of a lot more than Rs two crore (Rs. three crore issue to your problem that ninety five% of the receipts needs to be by way 44 cash of on line modes).
Gurus have also been additional on the ambit of presumptive taxation – read right here in detail. Having said that, the closing date of five many years affliction applies only to businesses.
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The restrictions which the taxpayer couldn’t choose for your presumptive earnings plan for five years are going to be applicable only when he declares the profits lessen than 8% or six%.
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The company or persons gross receipts in the preceding year should not be in excess of Rs 2 crore(Rs. three crore topic to your affliction that 95% of the receipts have to be via on the internet modes). People today or companies engaged from the business of plying/using the services of products carriages can not adopt these provisions.