The 2-Minute Rule for 44 cash
The 2-Minute Rule for 44 cash
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If an assessee meets any of the following criteria, then they must preserve books of accounts and get accounts audited below segment 44AB:
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Will I be allowed any deduction for almost any expenditure incurred for investments and insurance policy premium beneath Portion 80C and 80D, if I go for presumptive taxation?
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Total progress tax is often paid out by past installment of advance tax i.e., 15 March of a 12 months, in the event of failure to take action, curiosity is leviable @ 1% on shortfall as per Part 234C
In the above mentioned situation, Mr Ram can select presumptive taxation In the event the tax is paid on fifty% of gross receipts. As a result, Ram can opt to pay tax underneath the presumptive plan of taxation underneath section 44ADA.
Both of those the calculation to be made for your period of time during which the products carriage is owned through the taxpayer
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Even so, to provide reduction to little taxpayers from the laborous work of sustaining textbooks of account and obtaining them audited, money tax law has launched the concept of presumptive taxation scheme.
Typically, someone carrying on organization or occupation maintains publications of accounts and prepares a harmony sheet and also a earnings or decline account to know the money position of his organization or job for a fiscal 12 months.
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All deductions for business enterprise expenditures are considered to are actually permitted. At the time profits are taxed at 50% in the gross receipts, the harmony of 50% is deemed being authorized to all the business enterprise expenditures of the assessee.