Industry experts mentioned inside the segment can pay tax on their gross receipts less than part 44ADA, and they could select this scheme only if their total profits does not exceed Rs.75 lakhs/50 lakhs.
[forty four] The true secret aim of CP Foods plus the SSSC is to make certain that abuse of workers and damage to the maritime ecosystem from the Gulf of Thailand and Andaman Sea is usually a factor from the past, and to revive trust inside the marketplace.
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When the Thai overall economy was liberalized within the seventies, the CP Group entered several small business negotiations with several main Thai banking institutions, the Thai governing administration, and overseas corporations. The CP Team would source Thai farmers with chicks and feed and instruct breeders how to boost chickens even though the farmers would promote the developed chickens again to your CP Group which processed the chickens and bought them to large quantity grocery stores, places to eat, and quick foods franchises throughout Thailand.
The Restrict is amplified to INR 75 lakhs if the entire quantity received in cash would not exceed five percent of the full gross receipts of these preceding yr.
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No, It's not at all Obligatory to opt Section 44AE, it is optional, if you choose for typical provisions, Then you certainly may have to maintain books of accounts and obtain the identical audited.
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Segment 44AD – As per Section 44AD, where a taxpayer opts for presumptive taxation plan for just about any from the financial yr he is needed to continue to opt for a similar for following 5 yrs. If he fails to do so, he won't be qualified to go for presumptive taxation scheme u/s 44AD for 5 years succeeding the year wherein he opts out. Further more, with regard to People 5 monetary years where taxpayer is ineligible to go with presumptive taxation plan u/s 44AD, regular publications of account have to be taken care of and audit shall be performed if complete revenue exceeds essential exemption limit.