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Profits with the occupation is obtainable in a reduced level than fifty% of the gross receipts (i.e., the expenditures to be claimed is much more than fifty% of your gross receipts) and the overall money is more than The essential exemption.
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Entire progress tax could be paid by last installment of advance tax i.e., fifteen March of the calendar year, in the event of failure to do so, interest is leviable @ one% on shortfall as per Part 234C
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Inspite of deciding on presumptive plan less than part 44ADA, taxpayer can claim portion 80 tax saving deductions and investments.
The written down value (WDV) of assets for tax needs shall be calculated as of the depreciation continues to be permitted each and every year. This WDV could be the value in the asset for tax reasons in a very case in which the asset is offered afterwards by the assessee.
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I do think sixty,000 is sufficient for canopy lease, every month costs, utilities, travel, amusement etcetera. for 4 folks in loved ones In case you are the only resource income and you will Are living paycheck by paycheck(possibly in financial debt later on when costs pile up).I don’t Assume it's more than enough to save money and send out again household.