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Income Tax - Frequently Asked Questions (FAQs) |
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FAQs on Tax on Presumptive Taxation Scheme |
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Can a person who adopts the presumptive taxation scheme of section 44ADA claim any further deduction of expenses after declaring profit @ 50% of gross receipts? |
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Ans. No, a person who adopts the presumptive taxation scheme is deemed to have claimed all deduction of expenses. Any further claim of deduction is not allowed after declaring profit @ 50%. However the assessee can claim deduction under chapter VI-A |
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