Small Business Owners must watch this to save Tax || Section 44AD ||
Автор: CA Jay Desai Shorts
Загружено: 2022-06-22
Просмотров: 1854
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Section 44AD was introduced to give relief to the small taxpayers from maintaining books of accounts who have turnover less than Rs 2 crores ( amended to 5 crores subject to minimum criteria of digital transaction in budget 2020). Under the presumptive income scheme, the taxpayer is allowed to presume the minimum profits at prescribed rate of the total turnover and is relieved to get the books of accounts audited.
Under Section 44AD of presumptive taxation , small taxpayers with less than 2 crore of turnover are not required to maintain books of accounts and their profits are presumed to be 8% of their turnover. For availing benefit under this scheme, profits where income is credited digitally or through the bank will be considered as 6% as against 8% for cash receipts. If a taxpayer opts for presumptive taxation , he will not be allowed deduction for expenses u/s 30 to 38.
Source: Income Tax Act & ClearTax
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