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No, you will not be essential to maintain guides of account when you finally opt for presumptive taxation program.
Presumptive taxation scheme relieves smaller taxpayers from protecting normal textbooks of account and acquire them audited. Threshold restrictions underneath 44AD and 44ADA increased in Spending budget 2023.
Our assistance only matches you by using a lender – we aren't informed from the terms of the mortgage supplied to you. If You're not comfortable While using the financial loan phrases that you are underneath no obligation to move ahead While using the lender.
Deduction of remuneration will not be allowed if the corporations money are taxed underneath the presumptive taxation part 44AD or 44ADA.
Segment 44AE – Typical books of account shall be taken care of and audit shall be carried out regardless of turnover or earnings.
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However, to provide relief to compact taxpayers in the cumbersome task of retaining publications of account and obtaining them audited, income tax regulation has released the thought of presumptive taxation plan.
Normally, somebody carrying on business or career maintains publications of accounts and prepares a balance sheet in addition to a income or loss account to click here be familiar with the monetary position of his enterprise or profession for the financial calendar year.
After approved by a lender, your money are deposited directly into your account once the following business enterprise working day. We've been below for you
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