https://www.taxtmi.com/article/detailed?id=7331 Section 44ADA prescribes a presumptive scheme for specified professionals within the statutory receipt threshold, deeming a fixed portion of gross receipts to be taxable income while disallowing further deductions under sections 30-38. Depreciation is to be reflected in written down value as if claimed. Professionals who claim income below the presumptive amount and whose total income exceeds the basic exemption must maintain books under section 44AA and obtain a tax audit under section 44AB. The provision gives rise to ambiguity over the allowability of salary and interest to partners against the presumptive income. en-us Mon, 20 Mar 2017 08:30:09 +0530 Mon, 20 Mar 2017 08:30:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7331 Section 44ADA prescribes a presumptive scheme for specified professionals within the statutory receipt threshold, deeming a fixed portion of gross receipts to be taxable income while disallowing further deductions under sections 30-38. Depreciation is to be reflected in written down value as if claimed. Professionals who claim income below the presumptive amount and whose total income exceeds the basic exemption must maintain books under section 44AA and obtain a tax audit under section 44AB. The provision gives rise to ambiguity over the allowability of salary and interest to partners against the presumptive income. Articles Income Tax Mon, 20 Mar 2017 08:30:09 +0530 https://www.taxtmi.com/article/detailed?id=7331