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

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

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

• How is the income from house property computed?

  The income from house property is computed after making certain deductions to the annual value or annual lettable value of the property. The first and most important step is the computation of annual value (AV) or (ALV) of the said property. The ...

• Could a person owning more than 10 goods vehicles adopt the presumptive taxation scheme of section 44AE?

  According to PTS scheme of section 44AE, the income will be computed at the rate of Rs. 7,500 per vehicle per month. In this case the taxpayer is eligible for further deductions from the presumptive income declaration. As per section 44AE, no ...

• 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 ...

• Presumptive Income

  Business or professional income is classified into 3 categories 1. 44 AD  44 AD is Business Income with gross turnover less than Rs 2 crores.  2. 44 ADA 44 ADA is Professional income (i.e doctor,CA,consultant) with gross receipt less than Rs 50 lac ...