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Will I be permitted any deduction for any expenditure incurred for investments and insurance coverage high quality less than Portion 80C and 80D, if I choose presumptive taxation?
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I am a chartered accountant, properly-versed inside the ins and outs of money tax, GST, and preserving the textbooks balanced. Quantities are my thing, I can sift by way of money statements and tax codes with the most beneficial of these. But there's A further aspect to me – a aspect that thrives on words and phrases, not figures. Read through far more
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No, It is far from Obligatory to choose Segment 44AE, it really is optional, if you choose for normal provisions, then you might require to keep up guides of accounts and have the exact same audited.
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Presumptive taxation plan relieves modest taxpayers from retaining normal textbooks of account and have them audited. Threshold limits underneath 44AD and 44ADA improved in Price range 2023.