Considerations To Know About 44 cash
Considerations To Know About 44 cash
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No concession in payment of advance tax. Identical shall be paid in four installments According to typical advance tax provisions
In accordance with Portion 44ADA, a freelancer who may have picked the Presumptive Plan is necessary to declare fifty% of their gross cash flow as money. It is actually possible to report profit as a predetermined proportion of receipts devoid of keeping any accounting documents.
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No, you will not be necessary to keep up textbooks of account as you choose presumptive taxation method.
Portion 44AD – Normal textbooks of accounts are for being preserved if revenue exceeds the basic exemption Restrict and an audit shall be completed if situations According to provisions of Section 44AB are fulfilled.
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Segment 44ADA was introduced to increase the scheme of simplified presumptive taxation to specified professionals. Previously, the presumptive scheme of tax was out there only to smaller firms.
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