Web21 hours ago · As a freelance professional in India, filing your Income Tax Return (ITR) is slightly different from salaried individuals, but the tax rates remain the same. You will need to submit either ITR-3 or ITR-4, depending on your income from business or profession. Since the Assessment Year (AY) 2024-18, freelancers can opt for presumptive taxation by WebMay 24, 2024 · The presumptive taxation for the shipping corporation amounts to Rs. 4.5 lakhs. Thus, the freight received in India is valued at 7.5% of the aggregate receipts. Charges may also include demurrage or handling charges. Read on to understand Section 44B, features, tax rate and calculation. Key Features of Section 44B of the Income Tax Act
Presumptive Taxation Scheme - IndiaFilings
WebOct 11, 2016 · 3) The presumptive taxation scheme of section 44ADA : Special provision for computing profits and gains of profession on presumptive basis.[As applicable from … WebMar 15, 2016 · Secondly, presumptive methods of taxation are effective in reducing tax avoidance. Small and medium businesses can be brought into the tax base through … southwest airlines pet reservation number
How to file ITR under presumptive taxation scheme Mint
WebJan 1, 2024 · The full amount of presumptive tax shall be remitted by the 10 th day after the end of each quarter, however operators can still remit on monthly basis. The rates are shown in the table below with effect from 1 January 2024. Rates of presumptive tax for self-employed professionals WebMar 3, 2024 · Income Tax Penalty u/s 271AAB deleted as assessee was declaring income on presumptive basis, was not required to maintain books and addition was made on … WebCommon types of deferred taxes. Examples of items that give rise to the recognition of deferred taxes includes: Fixed assets. In many cases, tax basis may be less than the respective book carrying value, given accelerated cost recovery measures in a number of taxing jurisdictions (e.g., immediate expensing or bonus depreciation for federal income … southwest airlines pet reservation