The 44 cash Diaries
The 44 cash Diaries
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On the other hand, to supply reduction to compact taxpayers in the laborous occupation of sustaining books of account and receiving them audited, money tax legislation has launched the thought of presumptive taxation plan.
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Complete progress tax may be paid by past installment of advance tax i.e., fifteen March of a yr, in the event of failure to take action, desire is leviable @ one% on shortfall According to Section 234C
You will also be required to pay back desire underneath Sections 234B and 234C If you don't fork out progress tax via the fiscal year's fifteenth of March.
Displays the number of hrs worked and the number of hrs of depart used in Just about every group throughout the fork out time period.
Even with opting for presumptive scheme underneath section 44ADA, taxpayer can claim section eighty tax saving deductions and investments.
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Segment 44AD – According to Area 44AD, exactly where a taxpayer opts for presumptive taxation scheme for just about any of your economic year he is needed to continue to decide for the same for up coming 5 years. If he fails to do so, he won't be qualified to go for presumptive taxation scheme u/s 44AD for 5 several years succeeding the calendar year by which he opts out. Even more, with 44 cash regard to those 5 economic many years wherever taxpayer is ineligible to opt for presumptive taxation plan u/s 44AD, frequent guides of account should be managed and audit shall be done if full money exceeds simple exemption Restrict.
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