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six% of complete turnover or gross receipts of a tax year gained by account payee cheque/lender draft, ECS by means of bank account on or prior to owing date of submitting the return of earnings
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A forty four-12 months-outdated male continues to be billed with possessing criminal house, concealing legal assets and coming into into an arrangement to acquire legal assets.
Presumptive taxation scheme lets the taxpayers declare their taxable money in a prescribed fee no matter true earnings/gains and consequently relieves them within the burden of protecting typical textbooks of account and getting the same audited.
You will also be required to shell out fascination underneath Sections 234B and 234C If you don't fork out advance tax with the fiscal year's 15th of March.
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The limit is greater to INR 75 lakhs if the entire total gained in cash won't exceed five per cent of the full gross receipts of these previous yr.
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