Presumptive taxation changes expand vehicle hire inclusion and adjust presumptive rates and filing deadlines. Amendment to section 115K replaces the percentage-based measure with a fixed presumptive amount and raises the referenced presumptive rate, extends the provision to include income from operating, hiring or leasing goods carriages, motor cabs, maxi cabs and three-wheeled motor vehicles, omits the former sub-section providing the specified computation, adds a transitional filing proviso for persons in the vehicle hiring/leasing business to submit the relevant previous year statement by the prescribed deadline, and substitutes the Explanation to adopt Motor Vehicles Act definitions and broaden the meaning of 'vocation.'
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Presumptive taxation changes expand vehicle hire inclusion and adjust presumptive rates and filing deadlines.
Amendment to section 115K replaces the percentage-based measure with a fixed presumptive amount and raises the referenced presumptive rate, extends the provision to include income from operating, hiring or leasing goods carriages, motor cabs, maxi cabs and three-wheeled motor vehicles, omits the former sub-section providing the specified computation, adds a transitional filing proviso for persons in the vehicle hiring/leasing business to submit the relevant previous year statement by the prescribed deadline, and substitutes the Explanation to adopt Motor Vehicles Act definitions and broaden the meaning of "vocation."
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