You will also be needed to shell out curiosity less than Sections 234B and 234C If you don't pay advance tax via the fiscal year's 15th of March.
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Industry experts outlined within the area pays tax on their gross receipts beneath part 44ADA, and they might go with this plan provided that their complete revenue will not exceed Rs.75 lakhs/fifty lakhs.
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Consequently the taxpayer can choose with the presumptive taxation scheme beneath portion 44ADA as well as the taxable profits chargeable is fifty% of the entire receipts.
The limit is greater to INR seventy five lakhs if the whole amount of money obtained in cash won't exceed five per cent of the overall gross receipts of these kinds of former yr.