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Professionals described inside the segment pays tax on their own gross receipts beneath segment 44ADA, and they are able to go for this scheme provided that their complete revenue doesn't exceed Rs.75 lakhs/fifty lakhs.
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The Restrict is enhanced to INR 75 lakhs if the whole quantity been given in cash would not exceed five per cent of the whole gross receipts of this sort of earlier 12 months.
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Remember to evaluate the regulations within your point out to learn more concerning the implications of not repaying a payday loan.
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Area 44AE – Regular textbooks of account shall be maintained and audit shall be completed no matter turnover or revenue.
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