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Amendment of section 44AD.

Clause 26 - Bills - DIRECT TAXES - FINANCE BILL, 2016 - Clause 26 - 26. In section 44AD of the Income-tax Act, with effect from the 1st day of April, 2017,- (a) in sub-section (2), the proviso shall be omitted; (b) for sub-sections (4) and (5), the f .....

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evious year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant t .....

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-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax , shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA a .....

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Clause 26 of the 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 existing provisions contained in the said section provides that notwithstandin .....

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ts, or, as the case may be, a sum higher than the aforesaid sum declared by the assessee in his return of income, shall be deemed to be the profits and gains of such business chargeable to tax under the head Profit and gains of business or profession .....

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ned by the assessee. The scheme will apply to such residential assessee who is an individual, Hindu undivided Family or partnership firm but not Limited Liability Partnership firm, whose total gross receipts does not exceed two crores rupees. It is f .....

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aimed deduction under any of the section 10AA, 10A, 10B, 10BA or deduction under any provisions of Chapter VI-A. Under the scheme, the assessee will be deemed to have been allowed the deduction under sections 30 to 38. Accordingly, the written down v .....

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is proposed to substitute sub-sections (4) and (5) of the aforesaid section to provide that where an assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessmen .....

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