Deduction in Presumptive Business
Zeeshan Haris (74 Points)
11 February 2023
Is there any income tax deduction available for Presumptive Taxation Businesses in the New Tax Regime?
5 Replies
Ayush
(Executive )
(6760 Points)
Replied 11 February 2023
For businesses engaged in non-digital transactions, the presumptive profit rate is 8% of the total turnover or gross receipts. For businesses engaged in digital transactions, the presumptive profit rate is 6% of the total turnover or gross receipts.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 11 February 2023
Do you mean chapter VI deductions or section 44AD/ADA related deductions ?
sabyasachi mukherjee
(27579 Points)
Replied 12 February 2023
No it's not the same deductions under sec 80 C.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 12 February 2023
80C to 80U deductions are allowed seperately in addition to 44AD/ ADA deductions
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