The Definitive Guide to 44 cash
The Definitive Guide to 44 cash
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(“Owns” also includes products carriage taken on employ or installment wherever the amount payable remains to be due)
No, you will not be needed to maintain guides of account as you opt for presumptive taxation program.
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If a taxpayer adopts a presumptive tax scheme, he or she is not really expected to maintain any publications of accounts underneath section 44AD. She or he just need to declare their presumptive profits on the basis of 6% or 8% (as applicable)of the full turnover or gross receipts of last 12 months
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Generally, somebody carrying on business enterprise or profession maintains books of accounts and prepares a balance sheet along with a earnings or loss account to know the money situation of his company or job for the monetary 12 get more info months.
Nevertheless, to offer reduction to small taxpayers through the cumbersome job of protecting publications of account and receiving them audited, earnings tax legislation has released the principle of presumptive taxation scheme.