Sure, an individual can assert good thing about Portion 44AD and Portion 44ADA at the same time if he/she has income from both profession along with organization.
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Portion 44AD – As per Portion 44AD, exactly where a taxpayer opts for presumptive taxation plan for almost any on the economical 12 months he is required to continue to opt for a similar for following 5 yrs. If he fails to take action, he won't be eligible to select presumptive taxation scheme u/s 44AD for 5 many years succeeding the yr through which he opts out. Further more, with respect to People 5 monetary years in which taxpayer is ineligible to go for presumptive taxation scheme u/s 44AD, normal textbooks of account must be maintained and audit shall be done if total cash flow exceeds basic exemption limit.
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Gurus stated during the part can pay tax on their own gross receipts underneath segment 44ADA, check here and they're able to go for this plan only if their total cash flow doesn't exceed Rs.seventy five lakhs/fifty lakhs.
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