Top latest Five 44 cash Urban news
Top latest Five 44 cash Urban news
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Folks, HUFs or partnership corporations to become suitable for picking presumptive money u/s 44AD should not Use a turnover of in excess of Rs 2 crore (Rs. 3 crore matter to the affliction that ninety five% with the receipts needs to be through on the web modes).
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Hence, he is not qualified to opt for a presumptive scheme for five years. In any of these 5 years, if his taxable revenue exceeds The fundamental exemption limit, He's liable to maintain publications of accounts and do a tax audit for the applicable monetary year.
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Limits explained for opting out early or declaring lessen profits. Specifications for textbooks maintenance and tax audit if restrictions not satisfied. Advance tax payment aspects.
Therefore if you decide for any presumptive plan, go on for five many years and if you wish to decide-out, you’ll be barred from resuming With all the presumptive scheme for just a duration of 5 many years.
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Presumptive taxation strategies To ease small taxpayers are presented beneath Portion 44AD, 44ADA and 44AE. Whilst Area 44ADA is for industry experts Segment 44AD and 44AE issues little enterprise taxpayers. Let's have an understanding of them in detail.