The 44 cash Diaries
The 44 cash Diaries
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six% of whole turnover or gross receipts of a tax calendar year acquired by account payee cheque/bank draft, ECS by means of checking account on or in advance of owing date of filing the return of earnings
What is presumptive taxation? A presumptive taxation is usually a procedure where a federal government assumes a specific percentage within your turnover/gross receipts as your taxable income regardless of the expenses incurred.
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The created down benefit (WDV) of property for tax needs shall be calculated as on the depreciation has actually been permitted each and every year. This WDV might be the value in the asset for tax functions inside a circumstance where the asset is marketed later on through the assessee.
Personal equity’s annualised IRR fell beneath 10 for every cent inside the 12 months to March 2024, claims PitchBook. That is definitely far beneath the 25 for each cent the business accustomed to intention for, and in many cases underneath a tough benchmark for the price of equity.
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Total progress tax may be compensated by previous installment of advance tax i.e., fifteen March of the calendar year, in case of failure to take action, desire is leviable @ 1% on shortfall as per Part 234C
In the above situation, Mr Ram can select presumptive taxation if the tax is compensated on 50% of gross receipts. That's why, Ram can opt to pay out tax beneath the presumptive plan of taxation under segment 44ADA.
Part 44AD – Common books of accounts are more info being taken care of if money exceeds the basic exemption Restrict and an audit shall be completed if situations as per provisions of Part 44AB are fulfilled.
I am a chartered accountant, well-versed from the ins and outs of cash flow tax, GST, and retaining the publications balanced. Numbers are my thing, I'm able to sift as a result of fiscal statements and tax codes with the most effective of these. But you will find A further aspect to me – a side that thrives on words and phrases, not figures. Browse far more