Underneath Section 44AD of presumptive taxation, compact taxpayers with under Rs two crore of turnover are usually not essential to take care of publications of accounts and their profits are presumed to get eight% in their turnover.
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Considering the fact that Mr. P declares earnings lower than that defined in the presumptive earnings plan throughout the FY 2023-24, he opts to report his income as per normal computation.
In case the taxpayer cannot opt for a presumptive profits plan with the five years, i.e. he has not complied with part 44AD(4), and his whole cash flow exceeds the amount not chargeable to tax, He's liable to maintain textbooks of accounts.
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Commonly, a person carrying on small business or job maintains books of accounts and prepares a balance sheet as well as a financial gain or reduction account to be familiar with the financial situation of his organization or profession for a monetary 12 months.
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