https://www.taxtmi.com/acts?id=48695 A presumptive taxation rule for retail business deems a proportionate share of total turnover as taxable profits unless a higher amount is declared; it excludes taxpayers above a specified turnover threshold. Ordinary business deductions are treated as already allowed, except that firms may deduct partner salary and interest under existing limits. Asset written down values are to be computed as if depreciation had been claimed and allowed. Recordkeeping and audit requirements are not applied to the retail business for the purposes of specified assessment thresholds, and the retail turnover is excluded when computing those monetary limits. en-us Thu, 13 Feb 2025 17:50:11 +0530 Thu, 13 Feb 2025 17:50:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=48695 A presumptive taxation rule for retail business deems a proportionate share of total turnover as taxable profits unless a higher amount is declared; it excludes taxpayers above a specified turnover threshold. Ordinary business deductions are treated as already allowed, except that firms may deduct partner salary and interest under existing limits. Asset written down values are to be computed as if depreciation had been claimed and allowed. Recordkeeping and audit requirements are not applied to the retail business for the purposes of specified assessment thresholds, and the retail turnover is excluded when computing those monetary limits. Act-Rules F. Acts / Amendment Acts Thu, 13 Feb 2025 17:50:11 +0530 https://www.taxtmi.com/acts?id=48695