No, you won't be required to take care of textbooks of account when you finally go for presumptive taxation procedure.
Deduction of remuneration is not really allowed if the companies earnings are taxed beneath the presumptive taxation part 44AD or 44ADA.
Eligible professionals consist of interior decorators, engineers, medical practitioners, and more. Protecting publications of accounts and auditing requirements change dependant on revenue concentrations. The scheme permits simple tax calculation determined by gross receipts.
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Portion 44ADA was launched to extend the scheme of simplified presumptive taxation to specified experts. Previously, the presumptive plan of tax was offered only to tiny firms.
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Nonetheless, the enhanced Restrict might be available only if the cash receipt will not exceed 5% of the entire receipt of the organization or profession as the more info case could possibly be.
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In the above mentioned case, Mr Ram can go for presumptive taxation In case the tax is paid on fifty% of gross receipts. Hence, Ram can decide to spend tax beneath the presumptive plan of taxation underneath section 44ADA.
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