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No, you will not be essential to keep up publications of account when you select presumptive taxation process.
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The lender will supply you with a document that outlines most of the conditions of your bank loan staying presented. The data furnished will include things like the premiums and charges that you will be responsible for.
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(“Owns” also involves products carriage taken on employ or installment wherever the quantity payable remains to be owing)
Even with picking presumptive plan below area 44ADA, taxpayer can claim website part 80 tax conserving deductions and investments.
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In the above case, Mr Ram can opt for presumptive taxation In the event the tax is paid out on 50% of gross receipts. That's why, Ram can prefer to pay back tax beneath the presumptive plan of taxation below area 44ADA.