Not known Facts About 44 cash
Not known Facts About 44 cash
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On the other hand, to deliver reduction to small taxpayers within the cumbersome work of keeping guides of account and getting them audited, earnings tax regulation has introduced the idea of presumptive taxation plan.
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Presumptive taxation plan lets the taxpayers declare their taxable revenue in a prescribed charge regardless of actual income/gains and in turn relieves them in the burden of keeping standard books of account and receiving the exact audited.
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The freelancer is, for that reason unable to submit any more cost promises. However, he / she remains to be eligible to deduct Chapter VI-A fees for things like mediclaim rates and LIC subscriptions.
Area 44AD – Standard guides of accounts are to be taken care of if income exceeds The fundamental exemption Restrict and an audit shall be performed if situations According to provisions of Area 44AB click here are fulfilled.
(“Owns” also includes items carriage taken on hire or installment the place the quantity payable continues to be owing)