Not known Factual Statements About 44 cash
Not known Factual Statements About 44 cash
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If a taxpayer adopts a presumptive tax scheme, they isn't demanded to take care of any guides of accounts beneath segment 44AD. He / she just should declare her or his presumptive income on the basis of 6% or eight% (as relevant)of the full turnover or gross receipts of previous year
For this reason, he is not eligible to opt for a presumptive scheme for five years. In almost any of such five years, if his taxable profits exceeds The essential exemption Restrict, He's liable to keep up publications of accounts and do a tax audit for that applicable financial yr.
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Presumptive taxation schemes to relieve tiny taxpayers are offered less than Area 44AD, 44ADA and 44AE. Even though Segment 44ADA is for professionals Section 44AD and 44AE worries smaller enterprise taxpayers. Let's have an understanding of them intimately.