44 cash for Dummies
44 cash for Dummies
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In case of Section 44AE, if taxpayer is really a partnership company, salary and interest paid to associates is authorized as deduction from prescribed profits earlier mentioned
Any person carrying on suitable organization or profession underneath Segment 44AD or 44AE or 44ADA and promises revenue decreased as opposed to prescribed earnings, just isn't permitted to enjoy the relief supplied for maintenance of textbooks of account and audit.
What exactly is presumptive taxation? A presumptive taxation is a process during which a government assumes a particular share of the turnover/gross receipts as your taxable money regardless of the fees incurred.
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If your pros assert their earnings for being lower than 50% of their gross overall receipts as well as if they exceed the the Restrict of gross receipt, then they can not choose presumptive taxation.
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Having said that, the elevated limit will likely be out there only if the cash receipt won't exceed five% click here of the full receipt on the organization or occupation as the case can be.
Presumptive taxation less than Sec 44ADA simplifies tax calculation for tiny experts. Part 44ADA outlines principles and benefits, with limitations revised in Budget 2023.
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