44 cash Options
44 cash Options
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If a taxpayer adopts a presumptive tax plan, he / she is not required to take care of any guides of accounts less than portion 44AD. He or she just need to declare his / her presumptive money on The premise of 6% or 8% (as applicable)of the full turnover or gross receipts of get more info previous year
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So if you choose for a presumptive scheme, proceed for five yrs and if you need to opt-out, you’ll be barred from resuming Along with the presumptive scheme for your period of five many years.
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Section 44AD is usually a presumptive taxation scheme, revenue might be calculated on The idea of eight% in the turnover( six% in case of digital receipts and payments) plus the taxpayer includes a reduction for not protecting the publications of account.