No, you won't be necessary to keep up textbooks of account as you select presumptive taxation process.

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Of course, you'll be able to choose both equally Area 44AD and Area 44ADA alongside one another, In case you have cash flow from business as well as specified experts.

Segment 44ADA is actually a Exclusive provision for calculating the taxable income for small industry experts in particular circumstances.

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Composed down worth read more of property might be computed as if depreciation is and it has generally been claimed over the property

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Presumptive taxation scheme relieves smaller taxpayers from preserving normal publications of account and have them audited. Threshold boundaries underneath 44AD and 44ADA amplified in Price range 2023.

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Presumptive taxation scheme lets the taxpayers declare their taxable income in a prescribed price no matter true income/gains and subsequently relieves them in the burden of protecting common publications of account and receiving the identical audited.

6% of complete turnover or gross receipts of a tax 12 months been given by account payee cheque/lender draft, ECS by banking account on or just before because of date of submitting the return of profits