The expression `gross turnover’ and `Internet turnover’ (or `gross revenue’ and `net product sales’) are occasionally applied to tell apart the income aggregate before and after deduction of returns and trade reductions”.
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In the above scenario, Mr Ram can go for presumptive taxation Should the tax is compensated on fifty% of gross receipts. That's why, Ram can decide to spend tax underneath the presumptive plan of taxation under segment 44ADA.
A 44-yr-outdated man has been charged with possessing criminal property, concealing felony house and moving into into an arrangement to amass felony assets.
No, you will not be necessary to maintain guides of account when you finally go with presumptive taxation method.
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No, It's not necessarily Obligatory to choose Area 44AE, it really is optional, if you opt for typical provisions, Then you definately might have to take care of guides of accounts and have the exact same audited.
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The limit is increased to INR seventy five lakhs if the whole volume gained in cash doesn't exceed five percent of the total gross receipts of these kinds of preceding year.
Portion 44AE – Common publications of account shall be managed and audit shall be completed no matter turnover or revenue.
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