5 Easy Facts About 44 cash Described
5 Easy Facts About 44 cash Described
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What on earth is presumptive taxation? A presumptive taxation is a process through which a authorities assumes a certain percentage of one's turnover/gross receipts as your taxable money regardless of the costs incurred.
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Section 44AD – According to Section 44AD, wherever a taxpayer opts for presumptive taxation scheme for just about any with the monetary year he is needed to continue to decide for a similar for upcoming 5 years. If he here fails to take action, he will not be suitable to opt for presumptive taxation plan u/s 44AD for five yrs succeeding the yr during which he opts out. Even further, with respect to those 5 economical several years where taxpayer is ineligible to go for presumptive taxation scheme u/s 44AD, typical books of account should be preserved and audit shall be executed if total profits exceeds basic exemption limit.