44 cash - An Overview
44 cash - An Overview
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Professionals talked about within the part pays tax on their own gross receipts underneath segment 44ADA, and they could go with this scheme provided that their full profits does not exceed Rs.75 lakhs/50 lakhs.
The written down benefit (WDV) of assets for tax functions shall be calculated as from the depreciation has long been permitted every year. This WDV would be the worth in the asset for tax uses in a case in which the asset is offered later on via the assessee.
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Beneath the money tax legislation, someone engaged in prescribed enterprise or profession is necessary to mandatorily keep guides of account, put together financial statements and obtain his accounts audited. Further, financial gain/loss According to such fiscal statements might be regarded as to arrive at taxable gains right after earning vital changes.
Deduction of remuneration is just not authorized Should the companies revenue are taxed underneath the presumptive taxation part 44AD or 44ADA.
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No, it is not Obligatory to choose Part 44AE, it truly is optional, if you decide for normal provisions, Then you certainly might have to maintain guides of accounts and get the same audited.
Segment 44AD – Normal books of accounts are to get maintained if income exceeds the basic exemption limit and an audit shall be completed if disorders as per provisions of Segment 44AB are fulfilled.
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