Presumptive taxation for professionals deems a fixed proportion of gross receipts as profits, limits deductions, and triggers audit if lower.

A presumptive taxation rule deems a fixed proportion of gross receipts as the profits and gains of profession for resident professionals below the statutory gross receipts threshold; deductions under sections 30-38 are treated as already allowed, written down value is computed as if depreciation had been claimed and allowed, and assessees claiming lower profits with taxable total income must maintain prescribed books and obtain an audit and audit report.

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