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Will I be allowed any deduction for almost any expenditure incurred for investments and insurance policy quality less than Segment 80C and 80D, if I go with presumptive taxation?
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Portion 44AD – According to Portion 44AD, where a taxpayer opts for presumptive taxation scheme for virtually any from the financial calendar year he is necessary to carry on to choose for the same for future 5 a long time. If he fails to take action, he won't be eligible to go with presumptive taxation scheme u/s 44AD for 5 several years succeeding the 12 months where he opts out. Even further, with regard to People five fiscal many years where by taxpayer is ineligible to choose presumptive taxation plan u/s 44AD, standard books of account must be maintained and audit shall be done if full profits exceeds essential exemption Restrict.