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of <h1>Direct Taxes Code 2010: Presumptive Income Rules for Vehicle Leasing, Construction, Oil Services, and More Explained</h1> The Fourteenth Schedule of the Direct Taxes Code, 2010 outlines the determination of income on a presumptive basis for specific businesses. It specifies income calculation methods for businesses such as vehicle leasing, civil construction, plant erection, mineral oil services, and ship or aircraft operations. Income is calculated based on fixed rates or percentages of turnover, subject to conditions like residency and turnover limits. The Schedule also allows for adjustments based on actual income earned and presumes deductions for depreciation and other allowances. It excludes income from special sources and provides an option to maintain detailed accounts for accurate income assessment.
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