Anyone carrying on eligible company or job less than Portion 44AD or 44AE or 44ADA and promises gain reduce when compared to the prescribed income, just isn't allowed to enjoy the relief provided for upkeep of publications of account and audit.
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However, to provide reduction to smaller taxpayers from your monotonous job of retaining guides of account and receiving them audited, cash flow tax legislation has launched the notion of presumptive taxation plan.
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Section 44ADA can be a Exclusive provision for calculating the taxable earnings for tiny specialists in specific instances.
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I am a chartered accountant, nicely-versed inside the ins and outs of revenue tax, GST, and maintaining the guides well balanced. Numbers are my issue, I can sift by way of economic statements and tax codes with the most effective of them. But there is One more side to me – a aspect that thrives on words and phrases, not figures. Go through much more
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