https://www.taxtmi.com/article/detailed?id=5357 Section 44AD permits an eligible assessee in an eligible business to deem profits at eight per cent of total turnover or gross receipts, treats certain deductions and depreciation as already given effect to, excludes Chapter XVII C for the eligible business, and allows limited partner deductions for firms. Where claimed profits are lower than the presumptive rate and total income exceeds the basic exemption, audit and audit report are required. Sub section (6), inserted by amendment, excludes professions, commission/brokerage income and agency businesses from the section's applicability. en-us Thu, 21 Nov 2013 10:10:10 +0530 Thu, 21 Nov 2013 10:10:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5357 Section 44AD permits an eligible assessee in an eligible business to deem profits at eight per cent of total turnover or gross receipts, treats certain deductions and depreciation as already given effect to, excludes Chapter XVII C for the eligible business, and allows limited partner deductions for firms. Where claimed profits are lower than the presumptive rate and total income exceeds the basic exemption, audit and audit report are required. Sub section (6), inserted by amendment, excludes professions, commission/brokerage income and agency businesses from the section's applicability. Articles Income Tax Thu, 21 Nov 2013 10:10:10 +0530 https://www.taxtmi.com/article/detailed?id=5357