The Definitive Guide to 44 cash
The Definitive Guide to 44 cash
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The government has introduced the presumptive taxation plan under portion 44AD to give relief to small taxpayers obtaining business money.
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If a taxpayer adopts a presumptive tax scheme, he or she is not expected to keep up any books of accounts beneath portion 44AD. He or she just must declare his or her presumptive profits on the basis of six% or 8% (as applicable)of the entire turnover or gross receipts of past year
Any person carrying on eligible organization or profession underneath Segment 44AD or 44AE or 44ADA and promises earnings lower as opposed to prescribed income, is just not allowed to take pleasure in the reduction provided for upkeep of textbooks of account and audit.
An assessee is liable to pay for her or his advance tax in an individual installment on or before the 15th of March of each money year if he / she opts for presumptive taxation under Section 44AD. For any default in having to pay the progress tax , the assessee are going to be billed desire Segment 234C.
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