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Will I be permitted any deduction for almost any expenditure incurred for investments and insurance top quality under Section 80C and 80D, if I opt for presumptive taxation?
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In case the industry experts claim their income to become lower than 50% of their gross full receipts and also if they exceed the the limit of gross receipt, then they can not opt for presumptive taxation.
No other deductions for small business expenses that are generally allowed may be claimed eg. depreciation, rent, administrative expenditures etcetera
Presumptive taxation techniques to relieve compact taxpayers are delivered under Portion 44AD, 44ADA and 44AE. Even though Section 44ADA is for pros Area 44AD and 44AE considerations tiny company taxpayers. Let's fully grasp them intimately.
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Profits in the career is obtainable at a lessen charge than fifty% of the gross receipts (i.e., the costs to be claimed is a lot more than 50% of your gross receipts) and the overall earnings is over The essential exemption.
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Remember to critique the regulations within your condition To find out more read more with regard to the implications of not repaying a payday personal loan.