44 CASH - AN OVERVIEW

44 cash - An Overview

44 cash - An Overview

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A 44-12 months-old gentleman has become charged with possessing prison house, concealing criminal assets and entering into an arrangement to obtain felony property.

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Part 44AD – According to Area 44AD, where a taxpayer opts for presumptive taxation plan for any with the financial yr he is necessary to continue to opt for a similar for subsequent five years. If he fails to do so, he will not be suitable to go for presumptive taxation scheme u/s 44AD for five a long time succeeding the year where he opts out. More, with respect to Those people five monetary a long time where taxpayer is ineligible to select presumptive taxation plan u/s 44AD, common books of account should be maintained and audit shall be performed if total revenue exceeds fundamental exemption limit.

Full progress tax may be compensated by last installment of progress tax i.e., 15 March of the 12 months, in case of failure to take action, fascination is leviable @ one% on shortfall as per Part 234C

No, it is not compulsory to decide Section 44AE, it really is optional, if you decide for normal provisions, then you may have to keep up textbooks of accounts and acquire the exact same audited.

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Will I be authorized any deduction for almost any expenditure incurred for investments and insurance policy quality beneath Segment 80C and 80D, if I opt for presumptive taxation?

(“Owns” also contains items carriage taken on hire or installment exactly where the amount payable is still thanks)

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