Section 44AD is a presumptive taxation scheme that was introduced by the Income Tax Act, 1961 in order to ease the tax burden on small taxpayers or assessee. Section 44AD provides a way to calculate tax on gross receipts. Tax under Section 44AD is calculated at 8%/6% of the gross turnover of the assessee for… Continue reading Demystifying Section 44AD: A Guide to Presumptive Taxation
