GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In case an assessee is engaged in the business of retail trade, presumptive income scheme is applicable if the total turnover of such retail trade of goods does not exceed:
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Rs. 10lakhs
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Rs. 20lakhs
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Rs. 30lakhs
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Rs. 40lakhs
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Explanation:
Detailed explanation-1: -The presumptive taxation scheme of section 44ADA is designed to give relief to small taxpayers engaged in specified profession. The Finance Act, 2021 has amended provisions of section 44ADA to define eligible assessee.
Detailed explanation-2: -The provisions relating to presumptive taxation scheme prescribed under section 44AD are applicable to the eligible assessee engaged in any business except the business of plying, hiring or leasing of goods carriages referred to in section 44AE.
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