CA Sakchi Jain Instagram – Don’t miss this video if you have small business!!
Note- Budget 2023 increased the threshold u/s 44AD to Rs 3 crores from Rs 2 crores, provided the cash receipts should be less than 5%.
Individual assessees, Hindu Undivided Families, and partnerships who are Indian residents can claim deductions under Section 44AD.
Although you’re not required to maintain books of accounts under section 44AD, but it is advisable that you should at least maintain a cashbook so that you have a track of all the transactions.
Also, in case the gross receipts exceed 40 lakhs then he also need to take GST registration.
But if you opt for a presumptive scheme, you should continue it for for 5 years and if you want to opt-out, you’ll be barred from resuming with the presumptive scheme for a period of 5 years.
[Income tax, presumptive taxation, section 44 AD, small business, taxation for small business, individual, 31st March, Indian resident, Business income, CA Sakchi jain]
#presumptivetaxation #section44ad #incometax | Posted on 19/Mar/2024 21:15:26
