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What is presumptive taxation? A presumptive taxation is often a program in which a governing administration assumes a certain proportion of your turnover/gross receipts as your taxable cash flow irrespective of the bills incurred.
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Right here, we are able to Look at his taxable money under ordinary provisions plus the presumptive scheme as below:
The freelancer is, therefore struggling to post any additional cost promises. Nevertheless, he / she is still qualified to deduct Chapter VI-A expenses for things such as mediclaim rates and LIC subscriptions.
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