Deemed profit u/s 44AD - existing rate of deemed total income of 8% reduced to 6% in case of total turnover or gross receipts which is received through banking channel - Budget 2017-18 w.e.f. AY 2018-19

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Full Text of the Document

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....Bill seeks to amend section 44AD of the Income-tax Act relating to special provision for computing profits and gains of business on presumptive basis. The provisions contained in the said section (as amended by the Finance Act, 2016), provides that notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an eligible assessee engaged in an eligible business, having ....