44 cash Options
44 cash Options
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Under Portion 44AD of presumptive taxation, smaller taxpayers with a lot less than Rs two crore of turnover aren't needed to keep up textbooks of accounts and their income are presumed for being eight% in their turnover.
Part 44AD – Normal books of accounts are for being taken care of if cash flow exceeds The fundamental exemption Restrict and an audit shall be completed if problems According to provisions of Area 44AB are fulfilled.
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I'm a chartered accountant, very well-versed while in the ins and outs of earnings tax, GST, and maintaining the books well balanced. Numbers are my thing, I can sift via monetary statements and tax codes with the very best of these. But you can find An additional side to me – a aspect that thrives on phrases, not figures. Browse extra
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That's why, he isn't qualified to select a presumptive plan for five years. In any of those five years, if his taxable revenue exceeds the basic exemption Restrict, he is liable to take care of textbooks of accounts and do a tax audit for the relevant economic year.
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Make sure you overview the legislation in the state to learn more regarding the implications of not repaying a payday bank loan.
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six% of total turnover or gross receipts of the tax 12 months received by account payee cheque/financial institution draft, ECS through bank account on or prior to because of day of filing the return of income