Income Tax - Profit and Gains of Business or Profession - 76A - Section 44ADA- Provisions for computing profits and gains of profession on presumptive basis An assessee being resident in India, engaged in profession and whose total gross receipts do not exceed 50 lakh rupees in the PY, then 50% of such receipts, or higher sum earned by the assessee shall be deemed to be the profits and gains of such profession chargeable under head PGBP. NOTES: Deduction u/s 30 to 38 shall be deemed to have bee

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