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PRESUMPTIVE INCOME SCHEME!

Freedom from accounting, audit, scrutiny & advance tax for small businesses declaring 8% or higher profits Business entities having an annual turnover or gross receipts of less than Rs. 1 crore need to be familiar with the special provisions of Section 44AD of the Income-tax Act in regard to computing profits and gains of business on presumptive basis. The major highlights of the ‘Presumptive Income Scheme’ are...

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