44 CASH - AN OVERVIEW

44 cash - An Overview

44 cash - An Overview

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Total progress tax can be paid out by previous installment of advance tax i.e., 15 March of the year, in case of failure to do so, fascination is leviable @ 1% on shortfall as per Part 234C

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Area 44ADA was released to increase the plan of simplified presumptive taxation to specified professionals. Before, the presumptive scheme of tax was accessible only to little businesses. 

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Presumptive taxation scheme relieves smaller taxpayers from sustaining frequent publications of account and obtain them audited. Threshold restrictions under 44AD and 44ADA elevated in Spending plan 2023.

Returns 30-working day refund/replacement This item can be returned in its authentic problem for a full refund or substitute within just thirty times of receipt. You could possibly get a partial or no refund on applied, broken or materially various returns. Study comprehensive return policy

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In the above illustration, the total receipt is beneath the revised/enhanced presumptive limit of Rs. 75 lakh along with the cash receipt is a lot less than five% of the overall receipts.

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In this article, we will Review his taxable income beneath usual provisions plus the presumptive scheme as beneath:

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Area 44AD – Standard textbooks of accounts are to get taken care of if revenue exceeds The essential exemption Restrict and an audit shall be performed if situations as per provisions of Portion 44AB are fulfilled.

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