If someone has a one-man-show Proprietory firm in which his turnover is 1 Cr. Total business expenses are 10 lakhs. Can he simply show 8% gross profit and pay tax accordingly under the Presumptive Taxation rule this doesn't sound fair? I am assuming that his proprietory firm classifies as a business and not as a consulting.
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Presumptive taxation
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You are talking about which Financial Year????
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