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Insertion of new section 44ADA.

Section 27 - Act - DIRECT TAXES - Finance Act - Section 27 - 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 computing profits and gains .....

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tal 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 sum higher than the aforesa .....

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ions 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 the purposes of profession .....

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