https://www.taxtmi.com/article/detailed?id=1124 Presumptive taxation allows eligible small taxpayers in specified businesses to compute income at statutory deemed rates, relieving them from maintaining regular books and audit obligations. Eligibility depends on taxpayer category, business type and turnover or vehicle-number limits, and certain incentive claims disqualify access. Ordinary business deductions are treated as already allowed under the presumptive computation, though partner remuneration and interest remain deductible within prescribed limits. Written down value for depreciation is computed as if depreciation had been claimed, and unabsorbed depreciation cannot be set off against presumptive income. Penalty and evidentiary rules apply where undisclosed receipts are established. en-us Tue, 08 Feb 2011 12:27:52 +0530 Tue, 08 Feb 2011 12:27:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1124 Presumptive taxation allows eligible small taxpayers in specified businesses to compute income at statutory deemed rates, relieving them from maintaining regular books and audit obligations. Eligibility depends on taxpayer category, business type and turnover or vehicle-number limits, and certain incentive claims disqualify access. Ordinary business deductions are treated as already allowed under the presumptive computation, though partner remuneration and interest remain deductible within prescribed limits. Written down value for depreciation is computed as if depreciation had been claimed, and unabsorbed depreciation cannot be set off against presumptive income. Penalty and evidentiary rules apply where undisclosed receipts are established. Articles Income Tax Tue, 08 Feb 2011 12:27:52 +0530 https://www.taxtmi.com/article/detailed?id=1124