Presumptive taxation for retail business: deemed profits based on turnover, limited deductions, and exclusions from recordkeeping requirements. A presumptive taxation rule for retail business deems a proportionate share of total turnover as taxable profits unless a higher amount is declared; it excludes taxpayers above a specified turnover threshold. Ordinary business deductions are treated as already allowed, except that firms may deduct partner salary and interest under existing limits. Asset written down values are to be computed as if depreciation had been claimed and allowed. Recordkeeping and audit requirements are not applied to the retail business for the purposes of specified assessment thresholds, and the retail turnover is excluded when computing those monetary limits.
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 retail business: deemed profits based on turnover, limited deductions, and exclusions from recordkeeping requirements.
A presumptive taxation rule for retail business deems a proportionate share of total turnover as taxable profits unless a higher amount is declared; it excludes taxpayers above a specified turnover threshold. Ordinary business deductions are treated as already allowed, except that firms may deduct partner salary and interest under existing limits. Asset written down values are to be computed as if depreciation had been claimed and allowed. Recordkeeping and audit requirements are not applied to the retail business for the purposes of specified assessment thresholds, and the retail turnover is excluded when computing those monetary limits.
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