https://www.taxtmi.com/acts?id=10530 A substituted section 44AD deems profits of an eligible business to be a fixed proportion of total turnover or gross receipts, overrides sections 28-43C, treats deductions under sections 30-38 and depreciation as already given effect to, allows partner salary and interest deduction for firms within section 40 limits, excludes certain deduction-claiming taxpayers, exempts eligible assessees from Chapter XVII-C advance tax and from 44AA/44AB recordkeeping and audit unless they claim lower profits and have income above the basic exemption, effective from 1 April 2011. en-us Tue, 07 Jul 2009 15:48:31 +0530 Tue, 07 Jul 2009 15:48:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=10530 A substituted section 44AD deems profits of an eligible business to be a fixed proportion of total turnover or gross receipts, overrides sections 28-43C, treats deductions under sections 30-38 and depreciation as already given effect to, allows partner salary and interest deduction for firms within section 40 limits, excludes certain deduction-claiming taxpayers, exempts eligible assessees from Chapter XVII-C advance tax and from 44AA/44AB recordkeeping and audit unless they claim lower profits and have income above the basic exemption, effective from 1 April 2011. Act-Rules Bills Tue, 07 Jul 2009 15:48:31 +0530 https://www.taxtmi.com/acts?id=10530