Presumptive taxation for professionals expanded to exclude LLPs, altering eligible assessee classes under the scheme. Amendment redefines eligible assessee for the presumptive taxation of professionals to mean an individual, Hindu undivided family or a partnership firm, expressly excluding a Limited Liability Partnership, while preserving the existing deeming mechanism for computation of profits and gains; the amendment is effective from 1 April 2021 for the relevant assessment years.
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Provisions expressly mentioned in the judgment/order text.
Presumptive taxation for professionals expanded to exclude LLPs, altering eligible assessee classes under the scheme.
Amendment redefines eligible assessee for the presumptive taxation of professionals to mean an individual, Hindu undivided family or a partnership firm, expressly excluding a Limited Liability Partnership, while preserving the existing deeming mechanism for computation of profits and gains; the amendment is effective from 1 April 2021 for the relevant assessment years.
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