No concession in payment of progress tax. Same shall be compensated in four installments as per common progress tax provisions

In the above situation, Mr Ram can opt for presumptive taxation In case the tax is paid on 50% of gross receipts. Consequently, Ram can choose to fork out tax underneath the presumptive scheme of taxation below part 44ADA. 

In the above illustration, the full receipt is below the revised/improved presumptive Restrict of Rs. 75 lakh as well as cash receipt is fewer than five% of the overall receipts.

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Here, we are able to compare his taxable money underneath regular provisions and the presumptive scheme as below:

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Section 44AD – According to Segment 44AD, in which a taxpayer opts for presumptive taxation scheme for virtually any of your economical calendar year he is required to continue to decide for the same for following five yrs. If he fails to do so, he won't be eligible to select presumptive taxation plan u/s 44AD for five a long time succeeding the yr during which he opts out. More, with respect to Those people five economic several years where taxpayer is ineligible to go for presumptive taxation scheme u/s 44AD, frequent guides of account need to be maintained and audit shall be performed if whole revenue exceeds standard exemption limit.