The smart Trick of 44 cash That Nobody is Discussing
The smart Trick of 44 cash That Nobody is Discussing
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Presumptive taxation beneath Sec 44ADA simplifies tax calculation for compact professionals. Area 44ADA outlines guidelines and Positive aspects, with limitations revised in Price range 2023.
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No, it is not compulsory to decide Part 44AE, it's optional, if you opt for typical provisions, Then you definately may need to maintain books of accounts and have the same audited.
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All deductions for enterprise fees are deemed to have already been authorized. The moment revenue are taxed at fifty% of the gross receipts, the balance of fifty% is considered to get authorized in direction of every one of the enterprise bills on the assessee.
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Will I be permitted any deduction for virtually any expenditure incurred for investments and insurance coverage premium underneath Portion 80C and 80D, if I go for presumptive taxation?
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Income from the career is obtainable at a reduced amount than 50% in the gross receipts (i.e., the charges to get claimed is in excess of fifty% on the gross receipts) and the entire profits is more than the basic exemption.
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