44 cash No Further a Mystery
44 cash No Further a Mystery
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What exactly is presumptive taxation? A presumptive taxation is actually a system where a government assumes a particular percentage of your respective turnover/gross receipts as your taxable profits no matter the expenses incurred.
Deduction of remuneration is not really authorized If your firms profits are taxed under the presumptive taxation segment 44AD or 44ADA.
Full progress tax is often paid out by final installment of progress tax i.e., 15 March of the yr, in the event of failure to take action, desire is leviable @ 1% on shortfall as per Segment 234C
Portion 44AD – As per Part 44AD, where a taxpayer opts for presumptive taxation scheme for virtually any with the fiscal 12 months he is needed to carry on to choose for the same for following five a long time. If he fails to take action, he won't be suitable to opt for presumptive taxation scheme u/s 44AD for five years succeeding the year during which he opts out. More, with respect to These 5 economic many years the place taxpayer is ineligible to go for presumptive taxation scheme u/s 44AD, typical publications of account need to be preserved and audit shall be done if total profits exceeds fundamental exemption limit.
No, It is far from Obligatory to choose Area 44AE, it truly is optional, if you opt for usual provisions, Then you really might need to maintain textbooks of accounts and get exactly the same audited.
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Generally, someone carrying on business enterprise or job maintains books of accounts and prepares a balance sheet plus a income or reduction account to comprehend the fiscal position of his business enterprise or occupation for your financial year.
Presumptive taxation scheme allows the taxpayers declare their taxable money in a prescribed amount irrespective of genuine financial gain/gains and in turn relieves them within the burden of sustaining typical publications of account and getting the exact audited.
When the pros declare their money to be a lot less than fifty% of their gross complete receipts as well as if they exceed the the limit of gross receipt, then they can't choose presumptive taxation.