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Entire advance tax is often compensated by previous installment of progress tax i.e., fifteen March of a calendar year, in the event of failure to do so, desire is leviable @ 1% on shortfall as per Area 234C
List your full accessible revenue which include wages, retirement, investments, and rental Homes. You aren't required to reveal earnings which is alimony, boy or girl aid or different maintenance unless you should use that revenue to qualify for a bank loan.
No, you will not be necessary to maintain books of account once you choose presumptive taxation program.
If the taxpayer can not go with a presumptive money scheme for the 5 years, i.e. he has not complied with part 44AD(four), and his overall profits exceeds the quantity not chargeable to tax, he is liable to maintain books of accounts.
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Displays the amount of several hours labored and the amount of hrs of depart Utilized in each class year to this point.
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Part 44AD is often a presumptive taxation plan, profits is going to be calculated on the basis of eight% on the turnover( 6% in case of electronic receipts and payments) as well as taxpayer has a aid for not maintaining the textbooks of account.