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of <h1>Presumptive taxation: retail goods traders deemed 5% profit if turnover = Rs.40 lakh, deductions and audit rules noted</h1> For retail trade in goods, profits are deemed to be 5% of total turnover in the previous year (or a higher amount declared by the taxpayer), provided turnover does not exceed Rs.40 lakh; this deemed income replaces computation under sections 28-43C. Deductions under sections 30-38 are treated as already allowed (firms may still deduct partner salary/interest subject to section 40 limits). Written-down value is treated as if depreciation had been allowed. Sections 44AA and 44AB do not apply to this business for relevant limits. A taxpayer maintaining prescribed books and audited accounts may claim lower profits. The section ceased to apply for assessment years beginning on or after 1 April 2011.
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