https://www.taxtmi.com/acts?id=9692 An assessee under the presumptive profits regime may claim lower profits than the prescribed presumptive amount if the assessee keeps and maintains books of account as required under the bookkeeping provision and obtains an audit and audit report as required under the audit compliance requirement; upon satisfaction of these conditions the Assessing Officer shall make an assessment of the assessee's total income or loss under the regular assessment mechanism and determine the sum payable or refundable. en-us Wed, 22 Oct 2008 08:56:40 +0530 Wed, 22 Oct 2008 08:56:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=9692 An assessee under the presumptive profits regime may claim lower profits than the prescribed presumptive amount if the assessee keeps and maintains books of account as required under the bookkeeping provision and obtains an audit and audit report as required under the audit compliance requirement; upon satisfaction of these conditions the Assessing Officer shall make an assessment of the assessee's total income or loss under the regular assessment mechanism and determine the sum payable or refundable. Act-Rules F. Acts / Amendment Acts Wed, 22 Oct 2008 08:56:40 +0530 https://www.taxtmi.com/acts?id=9692