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Complete progress tax is often compensated by final installment of progress tax i.e., 15 March of a 12 months, in the event of failure to take action, desire is leviable @ one% on shortfall According to Segment 234C

(“Owns” also contains products carriage taken on hire or installment exactly where the amount payable remains because of)

No, you won't be essential to take care of textbooks of account after you go with presumptive taxation program.

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Gurus have also been extra to the ambit of presumptive taxation – examine in this article intimately. Even so, the deadline of 5 decades condition applies only to enterprises.

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Underneath the presumptive earnings scheme, the taxpayer is allowed to presume the minimum amount revenue at the prescribed amount of the full turnover and is particularly relieved to find the books of accounts audited.

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Nevertheless, to provide relief to little taxpayers from the cumbersome work of maintaining books of account and having them audited, money tax law has released the notion of presumptive taxation plan.