To include up the whole quantity of cash and coins you may have, to start with kind Each individual Observe and coin In keeping with value. Generate a independent pile for every denomination and after that rely the amount of of each Monthly bill or coin value you've got.
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Section 44AE – Common books of account shall be managed and audit shall be completed regardless of turnover or income.
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I'm a chartered accountant, perfectly-versed in the ins and outs of money tax, GST, and preserving the textbooks well balanced. Numbers are my issue, I can sift by monetary check here statements and tax codes with the top of these. But there is certainly A different facet to me – a side that thrives on terms, not figures. Study more
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Yes, somebody can claim advantage of Portion 44AD and Section 44ADA concurrently if he/she has profits from both career together with business.
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Should the gurus assert their profits to get under fifty% in their gross total receipts and likewise if they exceed the the limit of gross receipt, then they can't choose presumptive taxation.