Key Points
The finance ministry is not expected to make any significant changes in the taxation policy since the forthcoming budget on February 1 is an interim one..
At present, if a taxpayer misses the due date of advance tax instalments for a single day, an interest for three months is charged..
For instance, the business community is exempted from tax audits if their turnover is 10 crore and if 95% or more of their business receipts and business payments are carried out in non-cash modes...
Businessmen can opt for presumptive taxation of their business income if their annual turnover is up to 2 crore..
But professionals cannot opt for presumptive taxation if their annual turnover exceeds 50 lakh (extended to 75 lakh, if a minimum 95% of the receipts are in non-cash mode)...
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