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TMI BlogSpecial provision for computing profits and gains of business or profession on presumptive basis in case of certain residents.X X X X Extracts X X X X X X X X Extracts X X X X ..... er or gross receipts of business or profession during the tax year specified in column D and computed in the manner specified in column E thereof, shall be deemed to be the profits and gains of such business or profession chargeable to tax under the head "Profits and gains of business or profession". Table Sl. No. Specified business or profession Assessee Total turnover or gross receipts of business or profession during tax year Manner of computation A B C D E 1. Any business other than the business specified against serial number 2. Eligible assessee. (a) Does not exceed ₹2,00,00,000; or (b) does not exceed ₹3,00,00,000, where the amount or aggregate of amounts received, in cash, does not exceed 5% of the total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion are lower than the profits or gains computed in the manner mentioned in column E of the said Table; and (b) whose total income exceeds the maximum amount which is not chargeable to tax, shall be required to-- (i) keep and maintain such books of account and other documents as required under section 62; and (ii) get the accounts audited and furnish a report of such audit as required under section 63. (4) Any loss, allowance or deduction allowable under the provisions of this Act, shall not be allowed against the income computed in the manner specified in sub-section (1). (5) For the purposes of sub-section (2) (Table: Sl. No. 2), where the assessee is a firm, the salary and interest paid to its partners shall be deducted from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall be deemed to be the receipt in cash. (10) In this section,-- (a) "eligible assessee" means an individual, a Hindu undivided family, or a firm other than a limited liability partnership, who is resident in India, who-- (i) has not claimed any deduction under section 141; or (ii) has not claimed any deduction under Chapter VIII-C for the relevant tax year; or (iii) does not carry on specified profession as defined in sections 62(1)(a)[2], and (c); or (iv) does not earn any income in the nature of commission or brokerage; or (v) does not carry on any agency business; (b) "specified assessee" means an individual or a firm, other than a limited liability partnership, who is a resident in India; (c) "limited liability partn ..... X X X X Extracts X X X X X X X X Extracts X X X X
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