44 cash for Dummies
44 cash for Dummies
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If an assessee satisfies any of the following requirements, then they need to maintain publications of accounts and obtain accounts audited underneath section 44AB:
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Underneath the income tax rules, a person engaged in prescribed business enterprise or profession is necessary to mandatorily keep books of account, get ready economical statements and have his accounts audited. Even further, gain/loss as per these kinds of economic statements would be deemed to reach at taxable income following producing needed adjustments.
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Full progress tax could be compensated by very last installment of advance tax i.e., 15 March of the year, in the event of failure to do so, fascination is leviable @ 1% on shortfall According to Area 234C
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Composed down worth of belongings may be computed like depreciation is and it has generally been claimed within the property
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