NJR MONEY

If you’re a solo or small firm lawyer, you not only have to worry about your clients and cases, but also need to maintain books of account yourself. You have to keep track of profits and losses, revenue flow, accounts payable/receivable, return on investments and other financial indicators that determines the health of your practice. In a small practice, it’s easy to let these things slide. You don’t have the time Or you’re more interested in the handling work of the law. But without some basic business accounting,  You won’t have an accurate picture of how you’re doing.  You won’t know if your firm is trending in the right direction.  You won’t know how to best allocate resources, cut expenses or leverage your personnel to grow your business. If you’re fortunate, you have someone in-house who takes care of the bookkeeping and accounting, or if you have budgeted for outsourcing these duties.  Even then also, you have to be able to read and understand the reports. And...

Section 44ADA is a special provision for small professionals. Under the presumptive scheme of taxation, profits are presumed at 50% of the gross receipts. The following are some of the key benefits available to professionals who opt for presumptive taxation scheme under Section 44ADA: No need of maintaining books required under Section 44AA No requirement of having accounts audited under Section 44AB Facilitates ease of doing business. Tax form is much shorter and simpler as compared to a complex ITR forms under other sections of the income tax act. Reduces compliance burden on small professions. It helps to save money. Tax consultants can charge exorbitant amounts to file tax returns for self-employed individuals due to the complicated filing requirements involved. On the other hand, u/s 44ADA, professionals can file returns on their own due to the simpler ITR form requirements and this can save self-employed professionals a lot of money. For getting above benefits, professionals have...