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Just after choosing presumptive taxation, In case your income goes further than the set Restrict then You should get your books audited.
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Portion 44ADA – Frequent textbooks of accounts are to get maintained and have them audited if profits exceeds standard exemption limit.
Segment 44ADA delivers a straightforward way of taxation for smaller industry experts. Area 44ADA provides a plan of presumptive taxation for gains and gains arising from professions talked about beneath Portion 44AA(1) on the Revenue Tax Act, 1961.
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Around the facial area of it, shifting concentrate to distributions to paid-in money over internal charges of return is bewildering presented how badly the field is carrying out on both equally.
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In case of Part 44AE, if taxpayer is actually a partnership agency, wage and fascination compensated to partners is allowed as deduction from prescribed revenue over