In the above mentioned case, Mr Ram can go with presumptive taxation Should the tax is paid on 50% of gross receipts. Hence, Ram can decide to pay back tax under the presumptive scheme of taxation less than portion 44ADA.
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Note: Any quantity compensated Through progress tax on or in advance of 31st day of March shall also be addressed as advance tax paid over the monetary year ending on that day.
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If your gurus declare their revenue for being less than fifty% of their gross complete receipts as well as should they exceed the the Restrict of gross receipt, then they can not opt for presumptive taxation.
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Section 44AD – According to Area 44AD, where by a taxpayer opts for presumptive taxation scheme for almost any with the fiscal 12 months he is required to continue to opt for the same for subsequent five many years. If he fails to do so, he will not be suitable to select presumptive taxation scheme u/s 44AD for 5 years succeeding the yr through which he opts out. Further more, with regard to All those 5 economical decades exactly where taxpayer is ineligible to go for presumptive taxation scheme u/s 44AD, regular publications of account have to be managed and audit shall be performed if total income exceeds simple exemption Restrict.