If an assessee fulfills any of the next requirements, then they must preserve books of accounts and have accounts audited under segment 44AB:
No, you will not be necessary to keep up publications of account when you go for presumptive taxation process.
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The business is The only greatest Trader in Mainland China today commanding about a fifth of China's overall feed meal marketplace.[10] The company registration amount was "0001." By way of its substantial investments, CP Group has long been credited with shifting the state's dietary behaviors and main China's inexperienced revolution.[11]
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However, the elevated Restrict is going to be obtainable provided that the cash receipt will not exceed five% of the whole receipt from the company or profession as the situation might be.
Money within the job is obtainable at a reduced fee than fifty% in the gross receipts (i.e., the expenses to generally be claimed is much more than fifty% of the gross receipts) and the entire earnings is in excess of The essential exemption.
No, It's not compulsory to opt Section 44AE, it truly is optional, if you decide for standard provisions, Then you definately might have to keep up publications of accounts and have precisely the same audited.
You will also be necessary to pay out desire below Sections 234B and 234C If you don't pay advance tax via the fiscal yr's fifteenth of March.
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