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Will I be authorized any deduction for just about any expenditure incurred for investments and insurance policy high quality below Segment 80C and 80D, if I choose presumptive taxation?

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However, to provide relief to smaller taxpayers within the tedious occupation of maintaining books of account and receiving them audited, income tax regulation has released the thought of presumptive taxation scheme.

I'm a chartered accountant, well-versed within the ins and outs of income tax, GST, and keeping the books balanced. Quantities are my matter, I'm able to sift by means of economic statements and tax codes with the very best of these. But you will find A different facet to me – a aspect that thrives on words, not figures. Study much more

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Beneath the income tax legislation, someone engaged in prescribed business or career is necessary to mandatorily sustain publications of account, put together economic statements and obtain his accounts audited. Additional, gain/reduction According to this kind of money statements could well be regarded to arrive at taxable revenue following earning essential adjustments.

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