The 44 cash Diaries
The 44 cash Diaries
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Even so, the enhanced limit is going to be readily available provided that the cash receipt doesn't exceed 5% of the entire receipt of your small business or occupation as the situation may be.
No, It isn't compulsory to opt Area 44AE, it's optional, if you decide for typical provisions, then you may need to maintain guides of accounts and have a similar audited.
can avail the benefits of the scheme of presumptive taxation underneath Section 44AD presented annual turnover or gross receipts isn't going to exceed the above mentioned talked about prescribed Restrict inside the former financial calendar year.
The government has introduced the presumptive taxation scheme under part 44AD to present aid to tiny taxpayers having business enterprise earnings.
In case the taxpayer are unable to go for a presumptive money scheme for your 5 years, i.e. he has not complied with area 44AD(4), and his overall earnings exceeds the quantity not chargeable to tax, he is liable to keep up publications of accounts.
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Will I be permitted any deduction for almost any expenditure incurred for investments and coverage top quality under Area 80C and 80D, if I select presumptive taxation?
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Beneath the presumptive earnings plan, the taxpayer is allowed to presume the minimum amount income at the prescribed fee of the overall turnover and is also relieved to get the books of accounts audited.
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Even so, to provide aid to tiny taxpayers within the cumbersome position of sustaining textbooks of account and finding them audited, income tax regulation has introduced the notion of presumptive taxation plan.