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If your professionals assert their profits being below fifty% of their gross complete receipts in addition to whenever they exceed the the Restrict of gross receipt, then they can not go for presumptive taxation.
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Section 44ADA – Typical textbooks of accounts are to become taken care of and obtain them audited if income exceeds standard exemption Restrict.
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Any person carrying on eligible enterprise or job under Section 44AD or 44AE or 44ADA and promises revenue decreased in comparison to the prescribed revenue, is just not permitted to enjoy the relief offered for upkeep of books of account and audit.
Remember to assessment the regulations within your condition To find out more in regards to the implications of not repaying a payday mortgage.
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