44 cash Can Be Fun For Anyone
44 cash Can Be Fun For Anyone
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However, to supply reduction to smaller taxpayers with the monotonous work of protecting books of account and obtaining them audited, profits tax legislation has released the thought of presumptive taxation plan.
Therefore the taxpayer can opt to the presumptive taxation scheme under portion 44ADA and also the taxable profits chargeable is 50% of the entire receipts.
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No, you won't be expected to take care of books of account once you choose presumptive taxation here procedure.
6% of whole turnover or gross receipts of the tax year been given by account payee cheque/lender draft, ECS by bank account on or ahead of because of day of filing the return of income
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Larger sized Notes: Large notes at lots of Trade spots usually produce an even better rate than smaller denominations. It’s also worthy of using clear and crisp notes if possible.
The presumptive plan of taxation decreases the compliance burden on tiny professions and facilitates simplicity of performing enterprise. Underneath the presumptive scheme of taxation, profits/taxable earnings is presumed at fifty% of your gross receipts.
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