Presumptive taxation threshold increased, updating audit applicability and substituting references to the professionals' presumptive scheme. Amendment raises the audit-triggering threshold, substitutes references from the earlier presumptive scheme to the scheme applicable to professionals, ... Summary
Presumptive taxation threshold increased, updating audit applicability and substituting references to the professionals' presumptive scheme.
Amendment raises the audit-triggering threshold, substitutes references from the earlier presumptive scheme to the scheme applicable to professionals, replaces the term business with profession where specified, and inserts a clause making the audit obligation for carrying on business contingent on the applicability of a specified presumptive-subsection and the taxpayer's income exceeding the maximum non-taxable amount in a previous year.
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