The Greatest Guide To 44 cash

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If a taxpayer adopts a presumptive tax plan, they is not required to take care of any publications of accounts under part 44AD. He or she just really need to declare his / her presumptive revenue on the basis of 6% or 8% (as applicable)of the overall turnover or gross receipts of previous calendar year

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Indeed, both the sections can be used together, if he has money from each firms as well as a occupation.

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Portion 44AD is a presumptive taxation plan, income is going to be calculated on The premise of eight% with the turnover( six% in case of digital receipts and payments) and also the taxpayer has a relief for not retaining the textbooks of account.