https://www.taxtmi.com/article/detailed?id=12479 Section 44ADA allows eligible resident individuals and partnership firms in specified professions to compute taxable income by deeming a fixed proportion of gross receipts as profits, waiving routine bookkeeping and audit, subject to a receipts threshold (with a higher threshold where cash receipts are limited); non-account-payee cheque or bank draft receipts are treated as cash; specified deductions and depreciation are deemed allowed and disallowed otherwise; taxpayers claiming lower profits must maintain accounts and obtain audit reports if total income exceeds the exemption limit; partnership firms cannot claim partner salary or interest when opting for the scheme. en-us Sat, 30 Mar 2024 19:24:49 +0530 Sat, 30 Mar 2024 19:24:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12479 Section 44ADA allows eligible resident individuals and partnership firms in specified professions to compute taxable income by deeming a fixed proportion of gross receipts as profits, waiving routine bookkeeping and audit, subject to a receipts threshold (with a higher threshold where cash receipts are limited); non-account-payee cheque or bank draft receipts are treated as cash; specified deductions and depreciation are deemed allowed and disallowed otherwise; taxpayers claiming lower profits must maintain accounts and obtain audit reports if total income exceeds the exemption limit; partnership firms cannot claim partner salary or interest when opting for the scheme. Articles Income Tax Sat, 30 Mar 2024 19:24:49 +0530 https://www.taxtmi.com/article/detailed?id=12479