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Presumptive income rules set fixed taxable amounts for specified businesses, with actual income adjustments and accounting exceptions. Income from listed businesses is fixed on a presumptive basis by prescribed sums or percentages subject to eligibility conditions; actual income exceeding the prescribed amount is added. The presumptive computation is deemed to include all losses, deductions and allowances; written down value of assets is computed as if depreciation provisions were claimed and allowed. Common costs attributable to the businesses are to be allocated as prescribed, and the Schedule allows an assessee to opt out by maintaining audited books and producing them to the Assessing Officer.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Presumptive income rules set fixed taxable amounts for specified businesses, with actual income adjustments and accounting exceptions.</h1> Income from listed businesses is fixed on a presumptive basis by prescribed sums or percentages subject to eligibility conditions; actual income exceeding the prescribed amount is added. The presumptive computation is deemed to include all losses, deductions and allowances; written down value of assets is computed as if depreciation provisions were claimed and allowed. Common costs attributable to the businesses are to be allocated as prescribed, and the Schedule allows an assessee to opt out by maintaining audited books and producing them to the Assessing Officer.
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