What's presumptive taxation? A presumptive taxation is actually a process by which a federal government assumes a specific share within your turnover/gross receipts as your taxable revenue no matter the bills incurred.

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Authorised agent implies a person who signifies A different individual for any price prior to a tribunal or any authority constituted less than any regulation. It does not consist of an staff of the individual so represented or maybe a individual who is carrying about the career of accountancy

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Presumptive taxation plan allows the taxpayers declare their taxable cash flow at a prescribed amount regardless of real financial gain/gains and subsequently relieves them with the stress of sustaining regular publications of account and obtaining the same audited.

Part 44ADA is often a Particular provision for calculating the taxable revenue for compact gurus in particular circumstances.

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Each the calculation being built with the period of time through which the products carriage is owned via the taxpayer