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PRESUMPTIVE TAXATION
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The new scheme is applicable to all the Individuals, HUF's, partnership firms (excluding LLP). The scheme will not be applicable to assessees availing exemptions under 10A, 10AA, 10B, 10BA or to assessees availing deductions under any provisions of Chapter VIA.
The only condition is that the gross turnover/receipts should not exceed 40 Lcs. The prescribed presumptive rate is 8 %. Even advance tax provisions will not be applicable to such assessees. If the assessee shows an income below the presumptive rate, then he shall be required to maintain books of account and get the same audited. The provisions shall be effective form the Assessment Year 2011-12. |
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Office
address: 611/612, Raikar Chambers,
Shankeshwar Parshwanath Marg, Deonar,
Mumbai - 400088.
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