The 44 cash Diaries
The 44 cash Diaries
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No, you will not be necessary to maintain books of account when you opt for presumptive taxation technique.
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Part 44AE – Regular guides of account shall be preserved and audit shall be completed irrespective of turnover or cash flow.
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In the above mentioned situation, Mr Ram can select presumptive taxation Should the tax is paid out on 50% of gross receipts. Hence, Ram can decide to fork out tax beneath the presumptive scheme of taxation under area 44ADA.
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Presumptive taxation scheme allows the taxpayers declare their taxable money in a prescribed amount regardless of genuine gain/gains and subsequently relieves them from the load of protecting regular textbooks of account and obtaining the similar audited.
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The biweekly Assertion of Earnings and Go away offers a breakdown of the worker's gross shell out and biweekly deductions for that fork out interval and cumulative quantities with the tax yr. What's more, it gives the person's YTD year-to-day leave position for the leave calendar year and cumulative retirement deductions.
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