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Following choosing presumptive taxation, In the event your money goes outside of the set Restrict then You must get your publications audited.
I'm a chartered accountant, nicely-versed in the ins and outs of earnings tax, GST, and trying to keep the guides well balanced. Quantities are my thing, I am able to sift by means of monetary statements and tax codes with the best of these. But you can find another facet to me – a aspect that thrives on words and phrases, not figures. Read a lot more
Additionally, you will be necessary to pay fascination below Sections 234B and 234C If you don't spend progress tax from the fiscal calendar year's 15th of March.
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Anyone carrying on suitable business or job beneath Area 44AD or 44AE or 44ADA and claims profit decreased compared to the prescribed cash flow, just isn't allowed to enjoy the relief supplied for routine maintenance of textbooks of account and audit.
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Precisely what is presumptive taxation? A presumptive taxation can be a procedure during which a government assumes a certain percentage of the turnover/gross receipts as your taxable profits no matter the fees incurred.
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Usually, a person carrying on organization or profession maintains textbooks of accounts and prepares a stability sheet in addition to a earnings or decline account to know the money situation of his business enterprise or profession to get a monetary year.
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