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File ITR-4 (Sugam) Online FAQs Income Tax Department?

File ITR-4 (Sugam) Online FAQs Income Tax Department?

http://www.balakrishnaandco.com/news-and-articles/16-turnover-limit-for-tax-audit-chartered-from-chartered-accountant Webbasis under Section 44AD for 2024-22. However, for AY 2024-23, if he did not opt for presumptive taxation Scheme. In this case, he will not be eligible to claim benefit of … asus core i3 12th gen WebDec 18, 2024 · Section 44 AB- This section deals with the tax audit limit and provision of Tax Audit. Through Finance Act 2024, the government has inserted a new limit of … WebMay 17, 2024 · W.e.f., 01st April 2024 (also applicable for AY 2024-22), the government has inserted a new limit of turnover of Rs. 5 crores and exempts them from tax audit subject to some specified condition. Although section 44AB limit is still Rs. 1 crore and 44AD limit is 2 Crore (except specified above). asus core i3 4gb memory 1tb hdd windows 10 WebAug 2, 2024 · 1) Section 44AD of Income Tax Act- Income presumed to be 8%/6% of the turnover. 2) Section 44ADA of Income Tax Act – Presumptive taxation @ 50% for Professionals. 3) Section 44AE of Income Tax Act- Presumptive taxation for transporters. The following article explains in detail the provision of presumptive taxation for business … WebFeb 6, 2024 · As per the section 44AB and 44AD of the Income Tax Act - Tax Audit is applicable if: Turnover is above INR 1cr up to FY 2024-20 or INR 2 cr from FY 2024-21; Incurred losses; Profit is less than 6% of the turnover. Read more for Income Tax Audit Applicability. Check Tax Audit requirement using the Determine Tax Audit Applicability tool asus core i3 12th generation laptop The Budget 2024 amended Sec 44AD and Sec 44ADA and revised presumptive taxation limits for FY 2024-24 (AY 2024-25) as follows: *The increase in limits is subject to a condition that the 95% of the receipts must be through online modes. See more In an interesting move, a new condition was taxpayers opting forpresumptive income , i.e. – You stand to loose presumptive tax benefits, if you do not continue them for at least … See more If the taxpayer cannot opt for a presumptive income scheme for the five years, i.e. he has not complied with section 44AD(4), and his total income exceeds the amount not chargeable to tax, he is liable to maintain boo… See more The restrictions that taxpayer couldn’t opt for the presumptive income scheme for the five years will be applicable only when he declares the profits lower than the 8 per cent or 6 per cent. If, beca… See more Under Section 44AD of presumptive taxation , small taxpayers with less than 2 crore of turnover are not re… See more

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