Additionally, you will be required to shell out interest beneath Sections 234B and 234C if you do not pay out advance tax with the fiscal calendar year's fifteenth of March.
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Observe: Any sum compensated by way of advance tax on or right before 31st day of March shall also be taken care of as progress tax paid out in the monetary yr ending on that day.
In accordance with Portion 44ADA, a freelancer that has selected the Presumptive Plan is required to declare fifty% of their gross cash flow as profits. It really is possible to report earnings as being a website predetermined proportion of receipts devoid of preserving any accounting data.
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Extending the repayment conditions of a loan could lead to extra desire paid out, and also late fees, which often can enormously increase the total total you fork out again over a personal loan. Usually, mortgage renewal insurance policies are controlled from the point out governing administration. Find out more regarding your states insurance policies in regard to loan renewal, and thoroughly read through the lender’s conditions before signing a financial loan contract.
In the above case, Mr Ram can choose presumptive taxation If your tax is compensated on 50% of gross receipts. That's why, Ram can decide to pay tax beneath the presumptive plan of taxation below section 44ADA.
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