Details, Fiction and 44 cash
Details, Fiction and 44 cash
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e. 5% of combination of all the amounts been given in conjunction with Highest Cash Payment Restrict i.e. five% of mixture of many of the payments over the 12 months. Therefore, assessee has to produce certain calculations for examining the applicability of Tax Audit.
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A forty four-12 months-aged person has become charged get more info with possessing felony residence, concealing prison home and getting into into an arrangement to obtain legal property.
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Area 44ADA – Standard publications of accounts are to generally be managed and acquire them audited if money exceeds essential exemption Restrict.
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If an assessee meets any of the subsequent requirements, then they need to maintain textbooks of accounts and get accounts audited less than portion 44AB:
Area 44AD – Common books of accounts are to be managed if cash flow exceeds the basic exemption limit and an audit shall be carried out if conditions as per provisions of Segment 44AB are fulfilled.
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