Not known Facts About 44 cash
Not known Facts About 44 cash
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6% of complete turnover or gross receipts of a tax calendar year received by account payee cheque/financial institution draft, ECS by way of bank account on or before thanks day of filing the return of income
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No other deductions for business expenses that usually are allowed may be claimed eg. depreciation, lease, administrative expenditures and so forth
No, you won't be demanded to keep up publications of account as you select presumptive taxation technique.
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Deduction of remuneration just isn't authorized If your firms cash flow are taxed underneath the presumptive taxation part 44AD or 44ADA.
Frequently, an individual carrying on business or career maintains books of accounts and prepares a balance sheet along with a profit or decline account to comprehend the fiscal posture of get more info his business or occupation for a fiscal year.
For this reason the taxpayer can choose with the presumptive taxation scheme underneath portion 44ADA along with the taxable cash flow chargeable is fifty% of the whole receipts.
The Restrict is greater to INR 75 lakhs if the total quantity received in cash isn't going to exceed five percent of the whole gross receipts of these types of earlier 12 months.