New Step by Step Map For 44 cash

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No, It's not compulsory to decide Section 44AE, it truly is optional, if you choose for regular provisions, Then you really may need to maintain publications of accounts and obtain the exact same audited.

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Presumptive taxation plan relieves modest taxpayers from retaining standard books of account and get them audited. Threshold limitations below 44AD and 44ADA enhanced in Spending plan 2023.

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Gurus have also been additional on the ambit of presumptive taxation – study listed here intimately. Even so, the closing date of five many years problem applies only to businesses.

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A cash counting calculator may be used in many cases that require you to find a whole sum of cash and can easily be utilized for any of the following:

six% of full turnover or gross receipts of the tax year obtained by account payee cheque/bank draft, ECS via checking account on or right before because of date of submitting the return of income