What Does 44 cash Mean?

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Segment 44ADA presents a simple method of taxation for modest pros. Section 44ADA offers a scheme of presumptive taxation for income and gains arising from professions talked about beneath Area 44AA(1) in the Earnings Tax Act, 1961.

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In accordance with Part 44ADA, a freelancer who may have chosen the Presumptive Scheme is needed to declare 50% in their gross cash flow as money. It truly is feasible to report earnings being a predetermined proportion of receipts with out retaining any accounting data.

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