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Beneath the presumptive cash flow plan, the taxpayer is permitted to presume the least revenue for the prescribed charge of the total turnover and is relieved to find the textbooks of accounts audited.
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Under Part 44AD of presumptive taxation, little taxpayers with under Rs two crore of turnover are not demanded to keep up textbooks of accounts as well as their gains are presumed for being eight% in their turnover.
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The total gathered turnover that all the companies generate during the study course in the monetary a long time shall be taken into account when proclaiming deductions less than Area 44AD.
Certainly, both of those the sections may be used together, if he has profits from both equally firms in addition to a occupation.
If the taxpayer can not go with a presumptive earnings scheme to the 5 years, i.e. he has not complied with segment 44AD(4), and his whole money exceeds the amount not chargeable to tax, he is liable to maintain publications of accounts.
Extend your ask for to incorporate additional economic possibilities that focus on consolidating unsecured credit card debt.
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