Dear All,
Can anyone pls tell me the provisions of Presumptive Income for the A.Y. 2012-13.
Is this will also applicable for Partnership Firm??
What details are required to compute taxablity on the basis of Presumptive Income??
Pls help soon. I have to File Return..
Thanks,
Harshit Jain
Section 44AD applicable to partnership firm also, Turnover should be below 60Lakh and 8% of turnover should be offered as income no deduction shall be available u/s 30-38 but u can claim salary to partners and interest to parners as per the deed and with in the limit of IT act.
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