TMI BlogSpecial provision for computing profits and gains of profession on presumptive basis.X X X X Extracts X X X X X X X X Extracts X X X X ..... individual or a partnership firm other than a limited liability partnership as defined under clause (n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009.), who is a resident in India, and ] is engaged in a profession referred to in sub-section (1) of section 44AA and whose total gross receipts do not exceed fifty lakh rupees in a previous year, a sum equa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t or aggregate of amounts by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be the receipt in cash. ] (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. (3) The written ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ----------------------- Notes:- 1. Inserted vide THE FINANCE ACT, 2016 (Passed by Lok Sabha dt. 05-05-2016) w.e.f. 1st day of April, 2017 2. Substituted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 before it was read as in the case of an assessee, being a resident in India, who 3. Inserted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2024 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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