Presumptive taxation for professionals: taxable profits set as a proportion of gross receipts, limited deductions, audit if income exceeds exemption.

A presumptive tax rule deems a fixed proportion of gross receipts of resident professionals (below a specified threshold) to be taxable profits; expenses under routine business deduction provisions are treated as already allowed; written down value is calculated as if depreciation had been claimed; and professionals claiming lower profits whose total income exceeds the exemption must maintain prescribed books, obtain an audit, and furnish an audit report.

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