If each of the conditions specified higher than are fulfilled, although the income declared is less than eight% then is Tax Audit expected?
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I am a chartered accountant, perfectly-versed within the ins and outs of income tax, GST, and trying to keep the textbooks balanced. Quantities are my thing, I'm able to sift via monetary statements and tax codes with the top of these. But there's An additional facet to me – a facet that thrives on phrases, not figures. Examine more
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I'm a chartered accountant, very well-versed while in the ins and outs of revenue tax, GST, and trying to keep the guides balanced. Quantities are my point, I am able to sift by means of economical statements and tax codes with the ideal of them. But there is certainly An additional facet to me – a aspect that thrives on text, not figures. Study more
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(b) mixture of all payments manufactured together with quantity incurred for expenditure, in cash, throughout the past calendar year isn't going to exceed five per cent with the said payment,
Pros described while in the area pays tax on their gross receipts underneath section 44ADA, and they will opt for this plan provided that click here their complete revenue does not exceed Rs.seventy five lakhs/50 lakhs.
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