Facts About 44 cash Revealed
Facts About 44 cash Revealed
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No, you won't be required to keep up publications of account as soon as you select presumptive taxation procedure.
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In accordance with Segment 44ADA, a freelancer that has chosen the Presumptive Scheme is necessary to declare 50% of their gross cash flow as money. It's feasible to report earnings as a predetermined proportion of receipts without retaining any accounting records.
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Part 44AE – Common publications of account shall be maintained and audit shall be completed irrespective of turnover or revenue.
In the above circumstance, Mr Ram can go with presumptive taxation Should the tax is compensated on 50% of gross receipts. As a result, Ram can prefer to fork out tax underneath the presumptive scheme of taxation beneath part 44ADA.