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Area 44ADA delivers an easy approach to taxation for little industry experts. Segment 44ADA provides a scheme of presumptive taxation for gains and gains arising from professions stated below Portion 44AA(1) of the Cash flow Tax Act, 1961.
Section 44AD – Typical books of accounts are for being preserved if money exceeds the basic exemption limit and an audit shall be carried out if problems as per provisions of Area 44AB are fulfilled.
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Will I be authorized any deduction for more info almost any expenditure incurred for investments and insurance policies top quality less than Section 80C and 80D, if I opt for presumptive taxation?
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I'm a chartered accountant, well-versed while in the ins and outs of cash flow tax, GST, and retaining the publications well balanced. Numbers are my point, I'm able to sift by way of economic statements and tax codes with the very best of these. But there is certainly An additional facet to me – a side that thrives on words, not figures. Study a lot more