For those who gain a prize nearly and like $600, It'll be paid mechanically to the account. In the event you gain a bigger prize, you'll obtain an e mail with instructions regarding how to assert your winnings.
In case the professionals declare their money to be lower than fifty% in their gross total receipts and also whenever they exceed the the Restrict of gross receipt, then they cannot go with presumptive taxation.
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Nevertheless, to provide relief to small taxpayers from your wearisome position of maintaining publications of account and finding them audited, profits tax regulation has launched the notion of presumptive taxation scheme.
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