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Home Acts & Rules Income Tax Act Income-tax Act, 1961 Chapters List Part D Profits and gains of business or profession This
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Section 44AD - Special provision for computing profits and gains of business on presumptive basis. - Income-tax Act, 1961

Extract

..... rds “six per cent.” had been substituted, in respect of the amount of total turnover or gross receipts which is received by an account payee cheque or an account payee bank draft or use of electronic clearing system through a 12[bank account or through such other electronic mode as may be prescribed] during the previous year or before the due date specified in sub-section (1) of section 139 in respect of that previous year.’ ] (2) Any deduction allowable under the provisions of sections 30 to 38 shall, for the purposes of sub-section (1), be deemed to have been already given full effect to and no further deduction under those sections shall be allowed: 8[***] (3) The written down value of any asset of an eligible business .....

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Section 44AD - Special provision for computing profits and gains of business on presumptive basis. - Income-tax Act, 1961

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..... or brokerage; or (iii) a person carrying on any agency business.] Explanation.- For the purposes of this section,- (a) "eligible assessee" means,- (i) an individual, Hindu undivided family or a partnership firm, who is a resident, but not a limited liability partnership firm as defined under clause (n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009); and (ii) who has not claimed deduction under any of the sections 10A, 10AA, 10B, 10BA or deduction under any provisions of Chapter VIA under the heading "C.-Deductions in respect of certain incomes" in the relevant assessment year; (b) "eligible business" means,- (i) any business except the business of plying, hiring or l .....

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Section 44AD - Special provision for computing profits and gains of business on presumptive basis. - Income-tax Act, 1961

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..... exceed an amount of forty lakh rupees. (2) Any deduction allowable under the provisions of sections 30 to 38 shall, for the purposes of sub-section (1), be deemed to have been already given full effect to and no further deduction under those sections shall be allowed : 2[Provided that where the assessee is a firm, the salary and interest paid to its partners shall be deducted from the income computed under sub-section (1) subject to the conditions and limits specified in clause (b) of section 40.] (3) The written down value of any asset used for the purpose of the business referred to in sub-section (1) shall be deemed to have been calculated as if the assessee had claimed and had been actually allowed the deduction in respect of the deprec .....

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Section 44AD - Special provision for computing profits and gains of business on presumptive basis. - Income-tax Act, 1961

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..... r of any building, bridge, dam or other structure or of any canal or road; (b) the execution of any works contract.]" 6. In the Explanation, in clause (b), in sub-clause (ii), for the words "forty lakh rupees", the words "sixty lakh rupees" has been substituted vide Finance Act, 2010 w.e.f. the 1st day of April, 2011. Further Substituted vide Finance Act, 2012, w.e.f. 01-04-2013., before it was read as:- "sixty lakh rupees" 7. Inserted vide Finance Act, 2012, w.e.f. 01-04-2011 8. Omitted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017, before it was read as, " Provided that where the eligible assessee is a firm, the salary and interest paid to its partners shall be deducted from the income co .....

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Section 44AD - Special provision for computing profits and gains of business on presumptive basis. - Income-tax Act, 1961

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  1. Limited Liability Partnership Act, 2008
  2. Part A of Income-tax Act, 1961
  3. Section 44D - Special provisions for computing income by way of royalties, etc., in the case of foreign companies
  4. Section 44AE - Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages
  5. Section 44AB - Audit of accounts of certain persons carrying on business or profession
  6. Section 44AA - Maintenance of accounts by certain persons carrying on profession or business
  7. Section 43C - Special provision for computation of cost of acquisition of certain assets
  8. Section 43B - Certain deductions to be only on actual payment
  9. Section 43AA. - Taxation of foreign exchange fluctuation
  10. Section 43A - Special provisions consequential to changes in rate of exchange of currency
  11. Section 43 - Definitions of certain terms relevant to income from profits and gains of business or profession
  12. Section 42 - Special provision for deductions in the case of business for prospecting, etc., for mineral oil
  13. Section 41 - Profits chargeable to tax
  14. Section 40A - Expenses or payments not deductible in certain circumstances
  15. Section 40 - Amounts not deductible
  16. Section 38 - Building, etc., partly used for business, etc., or not exclusively so used
  17. Section 37 - General
  18. Section 36 - Other deductions
  19. Section 35E - Deduction for expenditure on prospecting, etc., for certain minerals
  20. Section 35DDA - Amortisation of expenditure incurred under voluntary retirement scheme
  21. Section 35DD - Amortisation of expenditure in case of amalgamation or demerger
  22. Section 35D - Amortisation of certain preliminary expenses
  23. Section 35CCD - Expenditure on skill development project.
  24. Section 35CCC - Expenditure on agricultural extension project.
  25. Section 35CCB - Expenditure by way of payment to associations and institutions for carrying out programmes of conservation of natural resources
  26. Section 35CCA - Expenditure by way of payment to associations and institutions for carrying out rural development programmes
  27. Section 35AD - Deduction in respect of expenditure on specified business.
  28. Section 35AC - Expenditure on eligible projects or schemes
  29. Section 35ABB - Expenditure for obtaining licence to operate telecommunication services
  30. Section 35ABA - Expenditure for obtaining right to use spectrum for telecommunication services.
  31. Section 35AB - Expenditure on know-how
  32. Section 35A - Expenditure on acquisition of patent rights or copyrights
  33. Section 35 - Expenditure on scientific research
  34. Section 34A - Restriction on unabsorbed depreciation and unabsorbed investment allowance for limited period in case of certain domestic companies
  35. Section 34 - Conditions for depreciation allowance and development rebate
  36. Section 33B - Rehabilitation allowance
  37. Section 33AC - Reserves for shipping business
  38. Section 33ABA - Site Restoration Fund
  39. Section 33AB - Tea development account, coffee development account and rubber development account
  40. Section 33A - Development allowance
  41. Section 33 - Development rebate
  42. Section 32AD - Investment in new plant or machinery in notified backward areas in certain States
  43. Section 32AC - Investment in new plant or machinery.
  44. Section 32AB - Investment deposit account
  45. Section 32A - Investment allowance
  46. Section 32 - Depreciation
  47. Section 31 - Repairs and insurance of machinery, plant and furniture
  48. Section 30 - Rent, rates, taxes, repairs and insurance for buildings
  49. Section 29 - Income from profits and gains of business or profession, how computed
  50. Section 28 - Profits and gains of business or profession
  51. Section 234C - Interest for deferment of advance tax
  52. Section 211 - Instalments of advance tax and due dates
  53. Section 2 - Definitions
  54. Section 139 - Return of income
  55. Section 115AD - Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer
  56. Section 115AC - Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer
  57. Section 115AB - Tax on income from units purchased in foreign currency or capital gains arising from their transfer
  58. Section 115A - Tax on dividends, royalty and technical service fees in the case of foreign companies
  59. Section 10BA - Special provisions in respect of export of certain articles or things.
  60. Section 10B - Special provisions in respect of newly established hundred per cent export-oriented undertakings
  61. Section 10AA - Special provisions in respect of newly established Units in Special Economic Zones.
  62. Section 10A - Special provision in respect of newly established undertakings in free trade zone, etc.
  63. Rule 12 - Return of income
  64. Manual - Section 44AD - Special provisions for computing profits and gains of business on presumptive basis
  65. Manual - Section 44AB - Audit of accounts of certain persons

 

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