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Checklist your overall readily available income like wages, retirement, investments, and rental properties. You're not needed to reveal earnings that is definitely alimony, little one support or different maintenance Except you should use that income to qualify for just a loan.

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Right after choosing presumptive taxation, In the event your earnings goes beyond the set Restrict then You must get your guides audited.

Presumptive taxation beneath Sec 44ADA simplifies tax calculation for modest industry experts. Part 44ADA outlines rules and Positive aspects, with restrictions revised in Price range 2023.

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If an assessee satisfies any of the following requirements, then they have to sustain textbooks of accounts and get accounts audited beneath area 44AB:

I'm a chartered accountant, effectively-versed within the ins and outs of earnings tax, GST, and keeping the guides well balanced. Quantities are my issue, I am able to sift by economical statements and tax codes with the very best of them. But there's An additional aspect to me – a aspect that thrives on words, not figures. Examine more

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Shows the volume of hrs worked and the number of several hours of depart Employed in Each individual classification during the pay interval.

Overall progress tax is often paid out by previous installment of progress tax i.e., fifteen March of a calendar year, in case of failure to do so, fascination is leviable @ one% on shortfall as per Area 234C

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