Examine This Report on 44 cash
Examine This Report on 44 cash
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Underneath the presumptive revenue scheme, the taxpayer is permitted to presume the minimal profits at the prescribed fee of the entire turnover and is particularly relieved to have the publications of accounts audited.
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Experts have also been included for the ambit of presumptive taxation – go through right here in detail. Nonetheless, the closing date of five several years issue applies only to corporations.
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Segment 44AD is often a presumptive taxation plan, income is going to be calculated on The premise of eight% of the turnover( 6% in case of digital receipts and payments) along with the taxpayer has a aid for not sustaining the publications of account.
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An assessee is liable to pay for her or his advance tax in just one installment on or ahead of the fifteenth of March of every financial 12 months if she or he opts for presumptive taxation under Section 44AD. For any default in shelling out the advance tax , the assessee might be charged curiosity Part 234C.