Presumptive tax on professionals – must be dropped, in any case presumption of 50% net profit is very high and unreasonable

Presumptive tax on professionals – must be dropped, in any case presumption of 50% net profit is very high and unreasonable https://www.taxtmi.com/article/detailed?id=6734 The proposal would deem a fixed proportion of gross receipts as profits for professionals without allowing further deductions for ordinary business expenses or depreciation, and would require those asserting lower profits and exceeding the basic exemption to maintain prescribed books and obtain an audit; this deemed-income rule is criticised as mismatched to varying cost structures, especially for new entrants with high fixed startup costs. en-us Wed, 09 Mar 2016 11:15:30 +0530 Wed, 09 Mar 2016 11:15:30 +0530 TaxTMI RSS Generator Presumptive tax on professionals – must be dropped, in any case presumption of 50% net profit is very high and unreasonable https://www.taxtmi.com/article/detailed?id=6734 The proposal would deem a fixed proportion of gross receipts as profits for professionals without allowing further deductions for ordinary business expenses or depreciation, and would require those asserting lower profits and exceeding the basic exemption to maintain prescribed books and obtain an audit; this deemed-income rule is criticised as mismatched to varying cost structures, especially for new entrants with high fixed startup costs. Articles Income Tax Wed, 09 Mar 2016 11:15:30 +0530 https://www.taxtmi.com/article/detailed?id=6734