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Generally, an individual carrying on small business or occupation maintains textbooks of accounts and prepares a stability sheet and a revenue or reduction account to know the financial place of his business enterprise or occupation for your financial 12 months.
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Part 44AD – Standard guides of accounts are to get maintained if cash flow exceeds The essential exemption limit and an audit shall be performed if situations According to provisions of Segment 44AB are fulfilled.
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Exactly what is presumptive taxation? A presumptive taxation is often a program during which a govt assumes a particular proportion of your respective turnover/gross receipts as your taxable cash flow irrespective of the costs 44 cash incurred.
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No, you will not be expected to keep up publications of account as soon as you go with presumptive taxation process.
Following picking presumptive taxation, Should your earnings goes further than the set Restrict then You will need to get your textbooks audited.
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In accordance with Portion 44ADA, a freelancer who may have picked the Presumptive Scheme is required to declare fifty% in their gross income as earnings. It really is possible to report gain as a predetermined proportion of receipts devoid of protecting any accounting records.
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Presumptive taxation scheme relieves tiny taxpayers from maintaining regular books of account and obtain them audited. Threshold limitations less than 44AD and 44ADA improved in Budget 2023.