If an assessee meets any of the next standards, then they must maintain books of accounts and get accounts audited under area 44AB:
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Presumptive taxation scheme relieves tiny taxpayers from retaining typical publications of account and have them audited. Threshold limitations underneath 44AD and 44ADA increased in Spending budget 2023.
Underneath the income tax regulations, somebody engaged in prescribed business enterprise or career is necessary to mandatorily retain textbooks of account, get ready money statements and obtain his accounts audited. Additional, gain/loss as per this sort of money statements will be viewed as to reach at taxable earnings just after making needed changes.
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Part 44ADA was introduced to extend the scheme of simplified presumptive taxation to specified gurus. Before, the presumptive scheme of tax was out there only to compact companies.
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Composed down worth of property could be computed like depreciation is and it has often been claimed about the belongings
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Just after deciding on presumptive taxation, Should your income goes over and above the established limit then You should Get the guides audited.
Portion 44AD – As per Part 44AD, exactly where a taxpayer opts for presumptive taxation scheme for virtually any from the financial calendar year he is needed to continue to choose for the same for next 5 decades. If he fails to do so, he will not be eligible to choose presumptive taxation plan u/s 44AD for 5 years succeeding the 12 months during which he opts out. Further, with regard to those five financial yrs in which taxpayer is ineligible to go with presumptive taxation scheme u/s 44AD, regular textbooks of account need to be maintained and audit shall be performed if whole cash flow exceeds primary exemption Restrict.