The 44 cash Diaries
The 44 cash Diaries
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Vertiginous progress premiums are not easy to sustain more than for a longer time intervals, which places field IRRs beneath inevitable stress.
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Total advance tax might be compensated by very last installment of advance tax i.e., 15 March of a yr, in case of failure to take action, interest is leviable @ 1% on shortfall as per Section 234C
Section 44ADA was introduced to extend the plan of simplified presumptive taxation to specified industry experts. Previously, the presumptive scheme of tax was out there only to small companies.
In accordance with Portion 44ADA, a freelancer who may have selected the Presumptive Scheme is needed to declare fifty% in their gross revenue as profits. It is feasible to report earnings being a predetermined proportion of receipts with no maintaining any accounting documents.
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Penned down worth of assets is usually computed like depreciation is and it has always been claimed over the assets
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Regardless of opting for presumptive scheme beneath section 44ADA, taxpayer can assert section eighty tax conserving deductions and investments.
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If an assessee satisfies any of the subsequent conditions, then they must maintain guides of accounts and have accounts audited less than part 44AB:
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