44 cash - An Overview
44 cash - An Overview
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However, to supply reduction to small taxpayers with the laborous work of protecting publications of account and acquiring them audited, income tax legislation has released the idea of presumptive taxation plan.
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Typically, someone carrying on company or profession maintains textbooks of accounts and prepares a harmony sheet along with a profit or decline account to know the economical placement of his company or occupation for a economical calendar year.
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Portion 44ADA – Regular books of accounts are to become preserved and obtain them audited if cash flow exceeds essential exemption limit.
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Certainly. In the event you owe greater than INR ten,000 in taxes for that fiscal year, You should shell out advance tax. In lieu of earning four payments in typical situations, you have to fork out advance tax on or ahead of March fifteenth if you have selected a presumptive taxation procedure below part 44AD or 44ADA.