If an assessee meets any of the next standards, then they have to preserve publications of accounts and obtain accounts audited underneath portion 44AB:
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Yes, somebody can declare benefit of Segment 44AD and Section 44ADA at the same time if he/she has earnings from equally profession and also business.
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In case the specialists assert their income to be under fifty% of their gross whole receipts and also should they exceed the the limit of gross receipt, then they cannot choose presumptive taxation.
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Both the calculation for being manufactured to the time period for the duration of which the goods carriage is owned because of the taxpayer
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Area 44AD – As per Section 44AD, where a taxpayer opts for presumptive taxation plan for virtually any from the money year he is needed to continue to decide for the same for subsequent five decades. If he fails to take action, he won't be suitable to select presumptive taxation scheme u/s 44AD for five yrs succeeding the calendar year during which he opts out. Even more, with respect to All those five fiscal years in which taxpayer is ineligible to go for presumptive taxation scheme u/s 44AD, regular publications of account have to be preserved and audit shall be carried out here if complete revenue exceeds primary exemption Restrict.