https://www.taxtmi.com/acts?id=10662 For an eligible assessee engaged in an eligible business a prescribed percentage of total turnover or gross receipts is deemed to be taxable business profits; deductions under sections 30-38 are treated as already given, firms may deduct partner salary and interest under section 40(b), written down value is computed as if depreciation were allowed, Chapter XVII C does not apply, and an assessee claiming lower profits whose total income exceeds the non taxable limit must keep books under section 44AA(2) and obtain an audit under section 44AB. Eligible assessee and eligible business are defined with specified exclusions. en-us Tue, 04 Aug 2009 17:09:18 +0530 Sat, 08 Aug 2009 12:52:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=10662 For an eligible assessee engaged in an eligible business a prescribed percentage of total turnover or gross receipts is deemed to be taxable business profits; deductions under sections 30-38 are treated as already given, firms may deduct partner salary and interest under section 40(b), written down value is computed as if depreciation were allowed, Chapter XVII C does not apply, and an assessee claiming lower profits whose total income exceeds the non taxable limit must keep books under section 44AA(2) and obtain an audit under section 44AB. Eligible assessee and eligible business are defined with specified exclusions. Act-Rules F. Acts / Amendment Acts Tue, 04 Aug 2009 17:09:18 +0530 https://www.taxtmi.com/acts?id=10662