No other deductions for organization bills that tend to be authorized is usually claimed eg. depreciation, rent, administrative bills and many others
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The government has launched the presumptive taxation plan less than part 44AD to give relief to small taxpayers getting business profits.
In the event the taxpayer can not select a presumptive earnings scheme for the 5 years, i.e. he has not complied with section 44AD(four), and his total cash flow exceeds the quantity not chargeable to tax, He's liable to maintain publications of accounts.
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The overall gathered turnover that each one the businesses generate in the course of the system in the money many years shall be taken into consideration when claiming deductions beneath Part 44AD.
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Part 44AE – Common textbooks of account shall be taken care of and audit shall be carried out irrespective of turnover or profits.
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