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Tax Audit for Business Owners: Understanding 44AB vs 44AD Made Simple

Tax Audit for Business Owners: Understanding 44AB vs 44AD Made Simple

Ramesh is a 35-year-old businessman from Jaipur who runs a small electronics shop. Every year, he struggles with income tax filing

He had to run around, fix it at the last minute, and barely submitted his return in time. But this year, things got more confusing. His CA asked him, “Are you eligible for presumptive taxation under 44AD or is tax audit required under 44AB?”

Ramesh scratched his head. “What’s the difference? Why does it matter?”

If you’re in Ramesh’s shoes and want a clear, no-jargon explanation of Sections 44AB and 44AD, this blog is for you.

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Understanding the Significance of Cash Transactions in Audit Cases 2024

Cash Transactions in Audit Cases

Cash Transactions in Audit Cases Introduction: Cash Transactions in Audit Cases In the realm of tax audits, cash transactions play a pivotal role. Understanding their importance is crucial for businesses to comply with tax regulations and ensure accurate financial reporting. This article delves into the intricate details of cash transactions within audit cases, shedding light … Read more

5 important point- Internal Audit for Every Business

internal audit

The question of whether internal audit compliance is mandatory for every business sparks a vital debate in the corporate world. While the necessity of internal audit cannot be overstated, the mandate for their implementation varies based on factors such as the industry, size, and complexity of the business. 1. Regulatory Requirements: In certain industries, regulatory … Read more

Best 6 Advantages of Internal Audit in Company

Internal Audit in Company

Internal audit in company, a vital component of corporate governance, plays a pivotal role in ensuring the financial health and sustainability of a company. This strategic function offers numerous advantages that go beyond mere compliance, contributing significantly to the overall success of an organisation. 1. Risk Mitigation: Internal Audit in Company Internal audit in company … Read more

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