Presumptive taxation for retail business ceases to apply for assessment years beginning on or after April 2011. The Bill inserts a provision making the retail presumptive computation inapplicable to assessment years beginning on or after 1 April 2011, withdrawing the existing rule that estimates retail income at five per cent of turnover (or a higher declared sum). This change follows substitution of the general presumptive provision and is stated to operate retrospectively from 1 April 2009.
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Provisions expressly mentioned in the judgment/order text.
Presumptive taxation for retail business ceases to apply for assessment years beginning on or after April 2011.
The Bill inserts a provision making the retail presumptive computation inapplicable to assessment years beginning on or after 1 April 2011, withdrawing the existing rule that estimates retail income at five per cent of turnover (or a higher declared sum). This change follows substitution of the general presumptive provision and is stated to operate retrospectively from 1 April 2009.
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