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Profits from the career is offered in a reduced charge than fifty% on the gross receipts (i.e., the fees to generally be claimed is a lot more than 50% on the gross receipts) and the entire income is a lot more than The essential exemption.
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No other deductions for business expenses that tend to be authorized may be claimed eg. depreciation, hire, administrative costs and so forth
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Segment 44AD – Standard textbooks of accounts are to be preserved if revenue exceeds The fundamental exemption limit and an audit shall be completed if disorders According to provisions of Area 44AB are fulfilled.