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No, you won't be needed to keep up guides of account when you finally select presumptive taxation program.
The presumptive scheme of taxation lowers the compliance burden on little professions and facilitates simplicity of executing small business. Under the presumptive scheme of taxation, revenue/taxable income is presumed at 50% with the gross receipts.
Part 44AE – Typical guides of account shall be taken care of and audit shall be completed no matter turnover or money.
Remember to overview the legislation with your state To find out more with regards to the implications of not repaying a payday bank loan.
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If an assessee fulfills any of the following requirements, then they have to maintain publications of accounts and have accounts audited under segment 44AB:
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Segment 44ADA – Normal publications of accounts are to generally be preserved and get check here them audited if earnings exceeds simple exemption Restrict.
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(“Owns” also consists of products carriage taken on employ or installment where the quantity payable continues to be due)
What is presumptive taxation? A presumptive taxation is really a method by which a authorities assumes a particular share of one's turnover/gross receipts as your taxable cash flow regardless of the fees incurred.
Revenue with the career is offered in a lower fee than fifty% of your gross receipts (i.e., the expenditures to be claimed is more than fifty% with the gross receipts) and the whole profits is over The fundamental exemption.