Ways small businesses can save on taxes ahead of the August 31 ITR filing deadline
Before the August 31 ITR deadline, small business owners, including partnership firms, HUFs, and individual residents, have the option to report their income using set rates rather than figuring out their actual profits under Section 44AD of the Income Tax Act. Additionally, Section 44ADA is available for certain professionals like engineers, lawyers, and doctors, while Section 44AE is designed for those operating goods vehicles who own a fleet of 10 or fewer.
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