If a person adopts the presumptive taxation scheme of section 44ADA, then is he liable to pay advance tax in respect of income from profession covered under section 44ADA?
FAQs on Tax on Presumptive Taxation Scheme
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Presumptive taxation under Section 44ADA requires full advance tax payment by the due date; interest applies if default. A person opting for the presumptive taxation scheme under section 44ADA must pay the whole advance tax amount on or before 15 March of the previous year; ... Summary
Presumptive taxation under Section 44ADA requires full advance tax payment by the due date; interest applies if default.
A person opting for the presumptive taxation scheme under section 44ADA must pay the whole advance tax amount on or before 15 March of the previous year; failure attracts interest under sections 234B and 234C. Any amount paid on or before 31 March is treated as advance tax for the financial year ending that day.
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