If all the circumstances specified over are fulfilled, nevertheless the profit declared is under 8% then is Tax Audit necessary?
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In accordance with Segment 44ADA, a freelancer who may have picked the Presumptive Plan is required to declare 50% of their gross profits as profits. It truly is possible to report gain as being a predetermined proportion of receipts devoid of preserving any accounting records.
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No, It's not necessarily Obligatory to choose Area 44AE, it can be optional, if you decide for ordinary provisions, Then you really may need to keep up textbooks of check here accounts and acquire the exact same audited.
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Person carrying on small business possessing his overall sales isn't going to exceed Rupee five crore from the earlier year