Under Section 44AD, individuals adopting the presumptive taxation scheme can declare a deemed minimum income.
TDS is applicable only when the payment exceeds a certain amount, whereas TCS is applicable to sales of designated goods.
Anyone whose estimated tax liability for the year is ₹10,000 or more is obligated to pay their taxes in advance.
Employee benefit insurance plans are typically low or no-cost for employees.
The presumptive taxation scheme has the following benefits.