Presumptive taxation for professionals: taxable profits set as a proportion of gross receipts, limited deductions, audit if income exceeds exemption. A presumptive tax rule deems a fixed proportion of gross receipts of resident professionals (below a specified threshold) to be taxable profits; expenses under routine business deduction provisions are treated as already allowed; written down value is calculated as if depreciation had been claimed; and professionals claiming lower profits whose total income exceeds the exemption must maintain prescribed books, obtain an audit, and furnish an audit report.
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.
Presumptive taxation for professionals: taxable profits set as a proportion of gross receipts, limited deductions, audit if income exceeds exemption.
A presumptive tax rule deems a fixed proportion of gross receipts of resident professionals (below a specified threshold) to be taxable profits; expenses under routine business deduction provisions are treated as already allowed; written down value is calculated as if depreciation had been claimed; and professionals claiming lower profits whose total income exceeds the exemption must maintain prescribed books, obtain an audit, and furnish an audit report.
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