However, to supply reduction to smaller taxpayers within the monotonous job of retaining books of account and acquiring them audited, money tax regulation has launched the strategy of presumptive taxation plan.
Will I be allowed any deduction for just about any expenditure incurred for investments and insurance policy premium underneath Area 80C and 80D, if I choose presumptive taxation?
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The limit is improved to INR 75 lakhs if the whole amount of money acquired in cash would not exceed five % of the full gross receipts of these types of preceding year.
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Deduction of remuneration is not really authorized If your corporations income are taxed underneath the presumptive taxation area 44AD or 44ADA.
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[citation desired] Lately the continued refugee condition has prompted NGOs and Global help agencies to ascertain programmes inside the city and encompassing location.
Immediately after opting for presumptive taxation, In the event your revenue goes further than the established limit then You will need to Get the guides audited.
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In case of Part 44AE, if taxpayer is actually a partnership firm, wage and interest paid out to associates is allowed as deduction from prescribed money previously mentioned