As per the presumptive taxation scheme of section 44AD, income of a taxpayer will be computed @ 8%/6% of the turnover or gross receipt and from such income can the taxpayer claim any further deductions?

As per the presumptive taxation scheme of section 44AD, income of a taxpayer will be computed @ 8%/6% of the turnover or gross receipt and from such income can the taxpayer claim any further deductions? https://www.taxtmi.com/manuals?id=4092 Income under the presumptive taxation regime is the amount arrived at by applying the presumptive rate to turnover or gross receipts, and that computed amount is the final taxable income with no further business expense allowances or disallowances; Chapter VI-A deductions remain claimable. Depreciation is not separately deductible under the presumptive scheme, but the written down value of assets must be calculated as though depreciation had been claimed and allowed. en-us Mon, 25 Dec 2023 10:48:00 +0530 Wed, 10 Jan 2024 15:33:00 +0530 TaxTMI RSS Generator As per the presumptive taxation scheme of section 44AD, income of a taxpayer will be computed @ 8%/6% of the turnover or gross receipt and from such income can the taxpayer claim any further deductions? https://www.taxtmi.com/manuals?id=4092 Income under the presumptive taxation regime is the amount arrived at by applying the presumptive rate to turnover or gross receipts, and that computed amount is the final taxable income with no further business expense allowances or disallowances; Chapter VI-A deductions remain claimable. Depreciation is not separately deductible under the presumptive scheme, but the written down value of assets must be calculated as though depreciation had been claimed and allowed. Manuals Income Tax Mon, 25 Dec 2023 10:48:00 +0530 https://www.taxtmi.com/manuals?id=4092