The smart Trick of 44 cash That Nobody is Discussing
The smart Trick of 44 cash That Nobody is Discussing
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Area 44AE – Typical guides of account shall be maintained and audit shall be completed no matter turnover or cash flow.
I am a chartered accountant, perfectly-versed inside the ins and outs of cash flow tax, GST, and trying to keep the textbooks well balanced. Quantities are my issue, I can sift as a result of fiscal statements and tax codes with the most beneficial of these. But there is A further facet to me – a facet that thrives on words, not figures. Examine far more
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six% of total turnover or gross receipts of a tax year received by account payee cheque/lender draft, ECS by means of bank account on or right before because of day of filing the return of cash flow
Portion 44AD – According to Area 44AD, where a taxpayer opts for presumptive taxation scheme for just about any of your economical yr he is required to carry on click here to decide for a similar for future five many years. If he fails to take action, he will not be suitable to go with presumptive taxation plan u/s 44AD for 5 several years succeeding the yr wherein he opts out. Further, with respect to Those people five fiscal several years where by taxpayer is ineligible to select presumptive taxation scheme u/s 44AD, regular publications of account must be taken care of and audit shall be conducted if full profits exceeds primary exemption Restrict.