The best Side of 44 cash
The best Side of 44 cash
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If an assessee fulfills any of the next standards, then they must maintain publications of accounts and have accounts audited less than part 44AB:
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Area 44AE – Common textbooks of account shall be managed and audit shall be performed irrespective of turnover or money.
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Part 44AD – According to Segment 44AD, the place a taxpayer opts for presumptive taxation scheme for virtually any from the economical year he is needed to continue to opt for a similar for future 5 many years. If he fails to take action, he will not be suitable to select presumptive taxation scheme u/s 44AD for five decades succeeding the year during which he opts out. Further, with regard to Individuals five financial yrs the place taxpayer is ineligible to opt for presumptive taxation scheme u/s 44AD, regular textbooks of account should be taken care of and audit shall be done if overall income exceeds essential click here exemption Restrict.