Presumptive taxation for small businesses deems profits as a flat share of turnover, simplifying deductions and compliance. A substituted section 44AD deems profits of an eligible business to be a fixed proportion of total turnover or gross receipts, overrides sections 28-43C, treats deductions under sections 30-38 and depreciation as already given effect to, allows partner salary and interest deduction for firms within section 40 limits, excludes certain deduction-claiming taxpayers, exempts eligible assessees from Chapter XVII-C advance tax and from 44AA/44AB recordkeeping and audit unless they claim lower profits and have income above the basic exemption, effective from 1 April 2011.
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Provisions expressly mentioned in the judgment/order text.
Presumptive taxation for small businesses deems profits as a flat share of turnover, simplifying deductions and compliance.
A substituted section 44AD deems profits of an eligible business to be a fixed proportion of total turnover or gross receipts, overrides sections 28-43C, treats deductions under sections 30-38 and depreciation as already given effect to, allows partner salary and interest deduction for firms within section 40 limits, excludes certain deduction-claiming taxpayers, exempts eligible assessees from Chapter XVII-C advance tax and from 44AA/44AB recordkeeping and audit unless they claim lower profits and have income above the basic exemption, effective from 1 April 2011.
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