What Does 44 cash Mean?
➜No, you will not be needed to keep up books of account once you opt for presumptive taxation procedure.
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Hence the taxpayer can choose to the presumptive taxation plan under section 44ADA and also the taxable income chargeable is 50% of the entire receipts.
Vertiginous development charges are not easy to keep up in excess of lengthier periods, which puts marketplace IRRs underneath inescapable force.
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The limit is amplified to INR seventy five lakhs if the entire sum obtained in cash isn't going to exceed 5 % of the entire gross receipts of these kinds of previous 12 months.
Eligible specialists include things like interior decorators, engineers, health care practitioners, plus much more. Protecting textbooks of accounts and auditing necessities range determined by revenue concentrations. The scheme allows for basic tax calculation according to gross receipts.
This data tends to make the transfer get more info of cash towards your account in the situation of a mortgage provide quicker and more secure. Will this data be accustomed to acquire resources out of my account?
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Right after deciding on presumptive taxation, When your revenue goes further than the established Restrict then you have to Obtain your textbooks audited.
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