https://www.taxtmi.com/article/detailed?id=12466 Presumptive taxation under Section 44AD allows certain resident individuals, HUFs and partnership firms (excluding LLPs) to compute business income by deeming a prescribed percentage of turnover or receipts as profits. Eligibility excludes specified deduction claimants and particular businesses; thresholds vary with the proportion of cash receipts. Different rates apply to receipts through account payee or electronic modes versus other receipts. Opting for the scheme precludes separate deductions and affects depreciation/written down value; non-compliance or deviation can trigger disqualification from the scheme and audit and record-keeping obligations. en-us Wed, 27 Mar 2024 18:23:32 +0530 Wed, 27 Mar 2024 18:23:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12466 Presumptive taxation under Section 44AD allows certain resident individuals, HUFs and partnership firms (excluding LLPs) to compute business income by deeming a prescribed percentage of turnover or receipts as profits. Eligibility excludes specified deduction claimants and particular businesses; thresholds vary with the proportion of cash receipts. Different rates apply to receipts through account payee or electronic modes versus other receipts. Opting for the scheme precludes separate deductions and affects depreciation/written down value; non-compliance or deviation can trigger disqualification from the scheme and audit and record-keeping obligations. Articles Income Tax Wed, 27 Mar 2024 18:23:32 +0530 https://www.taxtmi.com/article/detailed?id=12466