Can a person who adopts the presumptive taxation scheme of section 44ADA claim any further deduction of expenses after declaring profit @ 50% of gross receipts?
FAQs on Tax on Presumptive Taxation Scheme
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Presumptive taxation under 44ADA bars further expense deductions after claiming presumptive profit; Chapter VI-A deductions remain available. A taxpayer adopting the presumptive taxation regime under section 44ADA is deemed to have claimed all business expense deductions by declaring the ... Summary
Presumptive taxation under 44ADA bars further expense deductions after claiming presumptive profit; Chapter VI-A deductions remain available.
A taxpayer adopting the presumptive taxation regime under section 44ADA is deemed to have claimed all business expense deductions by declaring the presumptive profit, and therefore cannot claim further expense deductions; however, deductions under Chapter VI-A remain available.
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