44 cash - An Overview
44 cash - An Overview
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The time period `gross turnover’ and `Internet turnover’ (or `gross revenue’ and `net profits’) are sometimes employed to distinguish the profits aggregate ahead of and following deduction of returns and trade reductions”.
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Area 44ADA was launched to extend the scheme of simplified presumptive taxation to specified specialists. Earlier, the presumptive plan of tax was obtainable only to little firms.
When the specialists claim their profits to be under 50% of their gross whole receipts and likewise should they exceed the the limit of gross receipt, then they cannot go for presumptive taxation.
Keep in mind that you're holding with Many other provider suppliers so receiving this off the bottom will take you some time.
Sure. When you owe a lot more than INR ten,000 in taxes for that fiscal calendar year, You must pay progress tax. As opposed to producing four payments in standard circumstances, it's essential to fork out progress tax on or before March fifteenth For those who have chosen a presumptive taxation program below part 44AD or 44ADA.
No, you will not be essential to keep up books of account when you go for presumptive taxation program.
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If an assessee meets any of click here the following criteria, then they need to maintain guides of accounts and get accounts audited less than area 44AB:
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