The Single Best Strategy To Use For 44 cash
The Single Best Strategy To Use For 44 cash
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In the above mentioned illustration, the whole receipt is down below the revised/elevated presumptive Restrict of Rs. 75 lakh as well as cash receipt is below five% of the entire receipts.
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six% of full turnover or gross receipts of a tax yr been given by account payee cheque/lender draft, ECS via banking account on or in advance of due date of filing the return of revenue
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Part 44AD – Typical guides of accounts are to become taken care of if revenue exceeds the basic exemption limit and an audit shall be completed if conditions as per provisions of Area 44AB are fulfilled.
Cash flow through the job is obtainable at a lessen level than 50% in the gross receipts (i.e., the charges to get claimed is over fifty% on the gross receipts) and the entire money is a lot more than the basic exemption.
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In the above mentioned scenario, Mr Ram can go with presumptive taxation In the event the tax is compensated on 50% of gross receipts. As a result, Ram can choose to pay back tax under the presumptive scheme of taxation under portion 44ADA.