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of <h1>Section 44ADA: Simplified Taxation for Indian Professionals with Receipts Under 50 Lakh, 50% Deemed as Profits.</h1> Section 44ADA, introduced by the Finance Act, 2016, provides a presumptive taxation scheme for resident professionals in India whose gross receipts do not exceed fifty lakh rupees in a financial year. It deems 50% of these receipts as taxable profits. Deductions under sections 30 to 38 are considered accounted for, and asset depreciation is presumed claimed. If an assessee reports lower profits than specified and their total income exceeds the non-taxable limit, they must maintain detailed accounts, have them audited, and submit an audit report per sections 44AA and 44AB.
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