After adopting PTS and computing my taxable income at 50% of my receipts, can I claim any other deductions from such taxable income?

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• How to calculate taxable business income in case of a person adopting the presumptive taxation scheme of section 44AD?

  In case of a person adopting the PTS, the taxable business income shallbe 8% or more of the turnover or gross receipts of the eligible business for theyear. This rate shall be 6% for that portion of the turnover which is receivedthrough banking ...

• Being a professional, I adopt the PTS. How should I compute my taxable business income?

  If you adopt PTS as a professional, then your taxable income shall be 50% of your turnover or receipts. For example, if your receipts or your annual turnover is Rs.48 lacs, then you must declare taxable profits at 50% of the turnover i.e Rs.24 lacs.

• If I don’t opt for presumptive taxation scheme, how do I compute my taxable business income?

  For the purpose of computing taxable business income in the above manner, the you have to maintain books of account of the business, and income will be computed by deducting expenses from receipts as follows: Particulars Amount Turnover or gross ...

• While estimating my taxable income for advance tax payment, can I provide for 80C deductions?

  Yes. You can consider all the deductions while estimating your income for the year for computing your advance tax liability.

• Can I claim any further deductions from the income computed at 6% or 8% on a presumptive basis?

  No. The income computed at the given rates shall be the final taxable income on which you have to compute tax and no further deductions are allowed from this income.