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You will also be needed to spend desire underneath Sections 234B and 234C If you don't fork out progress tax by the fiscal 12 months's fifteenth of March.
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Full advance tax could be paid by past installment of progress tax i.e., 15 March of a yr, in case of failure to take action, curiosity is leviable @ one% on shortfall as per Portion 234C
Inspite of opting for presumptive plan less than part 44ADA, taxpayer can declare area 80 tax saving deductions and investments.
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Certainly. For those who owe a lot more than INR 10,000 in taxes for your fiscal year, You will need to fork out progress tax. Instead of creating four payments in ordinary instances, you will need to pay back progress tax on or prior to March fifteenth When you've got picked a presumptive taxation process under portion 44AD or 44ADA.
In the above case, Mr Ram can opt for presumptive taxation If your tax is compensated on fifty% of gross receipts. Hence, Ram can opt to fork out tax beneath the presumptive scheme of taxation less than portion 44ADA.