I'm able to’t say Considerably about these as there’s not much suggestions, they usually’re a bit from the way in which for some travelers.

In the above mentioned scenario, Mr Ram can go for presumptive taxation Should the tax is paid on fifty% of gross receipts. Therefore, Ram can decide to pay out tax underneath the presumptive scheme of taxation beneath area 44ADA. 

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Part 44ADA supplies a straightforward technique of taxation for little gurus. Area 44ADA provides a plan of presumptive taxation for profits and gains arising from professions pointed out beneath Section 44AA(one) from the Money Tax Act, 1961.

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Total advance tax could be paid by last installment of advance tax i.e., fifteen March of a yr, in case of failure to do so, curiosity is leviable @ one% on shortfall as per Segment 234C

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