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Should the specialists assert their money for being under 50% of their gross full receipts as well as should they exceed the the Restrict of gross receipt, then they can not choose presumptive taxation.
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What is presumptive taxation? A presumptive taxation is often a system wherein a federal government assumes a certain proportion of your respective turnover/gross receipts as your taxable income irrespective of the fees incurred.
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The freelancer is, as a result struggling to submit any additional expenditure promises. Even so, she or he continues to be qualified to deduct Chapter VI-A costs for things like mediclaim rates and LIC subscriptions.
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