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Deemed profit u/s 44AD - existing rate of deemed total income of 8 reduced to 6 in case of total turnover or gross receipts which is received through banking channel - Budget 2017-18 w.e.f. AY 2018-19

Deemed profit u/s 44AD - existing rate of deemed total income of 8% reduced to 6% in case of total turnover or gross receipts which is received through banking channel - Budget 2017-18 w.e.f. AY 2018-19 - Dated:- 3-2-2017 - Clause - 021 - Amendment of section 44AD. THE FINANCE BILL, 2017 Clause 21 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 provisions contained in the said sectio .....

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eligible assessee, shall be deemed to be the profits and gains of such business chargeable to tax under the head profits and gains of business or profession . It is proposed to insert a proviso to the said sub-section (1) so as to reduce the existing rate of deemed total income of eight per cent. to six per cent., in respect of the amount of total turnover or gross receipts which is received by an account payee cheque or an account payee bank draft or use of electronic clearing system through a .....

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