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Portion 44AD – Standard books of accounts are to generally be managed if revenue exceeds The essential exemption limit and an audit shall be performed if circumstances According to provisions of Area 44AB are fulfilled.
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The restrictions that the taxpayer couldn’t opt with the presumptive profits scheme for five years will likely be applicable only when he declares the revenue lower than eight% or six%.
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Will I be permitted any deduction for just about any expenditure incurred for investments and insurance quality less than Area 80C and 80D, if I go for presumptive taxation?
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Sure, the two the sections can be employed with each other, if he has income from equally corporations in addition to a career.
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