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 presumptive profit, and therefore cannot claim further expense deductions; however, deductions under Chapter VI-A remain available.
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 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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