Section 44AD - Special provisions for computing profits and gains of business on presumptive basis

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..... LLP firm. * This scheme is not applicable to - * The assessee who has claimed any deduction under sections 10A, 10AA, 10B, 10BA, or under any provisions of Chapter VIA (i.e u/s 80-IA to 80RRB) the relevant AY. * a person carrying on profession as referred to in section 44AA(1) a person carrying income in the nature of commission or brokerage * a person carrying on any agency business .....

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..... ive income * A sum equal to 8% of total turnover or gross receipts in the PY of the assessee shall be deemed to be the profits and gains of such business. * The rate shall be 6% of total turnover or gross receipts received by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account or through such other electronic mode as may be prescribe .....

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..... eligible assessee opting for section 44AD required to pay advance tax by 15th March of the Financial year. * Requirement of maintenance of books of account u/s 44AA and Audit u/s 44AB * If eligible assessee declares profits and gains in accordance with the provision of section 44AD, he is not required to maintain books of account u/s 44AA and get them audit u/s 44AB. * If the declaring prof .....

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