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Insertion of new section 44ADA- Special provision for computing profits and gains of profession on presumptive basis.

Clause 27 - Bills - DIRECT TAXES - Bill - Clause 27 - Insertion of new section 44ADA. 27. After section 44AD of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:- Special provision for co .....

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section 44AA and whose total gross receipts do not exceed fifty lakh rupees in a previous year, a sum equal to fifty per cent. of the total gross receipts of the assessee in the previous year on account of such profession or, as the case may be, a su .....

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er 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. (3) The written down value of any asset used for th .....

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ed in the foregoing provisions of this section, an assessee who claims that his profits and gains from the profession are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not cha .....

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27 of the Bill seeks to insert a new section 44ADA in the Income-tax Act relating to special provision for computing profits and gains of profession on presumptive basis. The proposed new section 44ADA seeks to provide that notwithstanding anything .....

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sum equal to fifty per cent. of the total gross receipts of the assessee in the previous year on account of such profession, or as the case may be, a sum higher than the aforesaid sum claimed to have been earned by the assessee, shall be deemed to b .....

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tion (1) of the proposed section, be deemed to have been already given full effect to and no further deduction under those sections shall be allowed. It is also proposed that the written down value of any asset of profession shall be deemed to have b .....

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