Insertion of new section 44ADA
Section 27 of the Finance Act, 2016 deals with insertion of new section 44ADA. Insertion of new section 44ADA. 27. After section 44AD of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:— '44ADA. The Act was enacted on 27 Jun 2016.
Insertion of new section 44ADA.
27. After section 44AD of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:—
'44ADA. Special provision for computing profits and gains of profession on presumptive basis.—(1) Notwithstanding anything contained in sections 28 to 43C, in the case of an assessee, being a resident in India, who is engaged in a profession referred to in sub-section (1) of section 44AA and whose total gross receipts do not exceed fifty lakh rupees in a previous year, a sum equal to fifty per cent of the total gross receipts of the assessee in the previous year on account of such profession or, as the case may be, a sum higher than the aforesaid sum claimed to have been earned by the assessee, shall be deemed to be the profits and gains of such profession chargeable to tax under the head "Profits and gains of business or profession".
(2) Any deduction allowable under the provisions of sections 30 to 38 shall, for the purposes of sub-section (1), be deemed to have been already given full effect to and no further deduction under those sections shall be allowed.
(3) The written down value of any asset used for the purposes of profession shall be deemed to have been calculated as if the assessee had claimed and had been actually allowed the deduction in respect of the depreciation for each of the relevant assessment years.
(4) Notwithstanding anything contained in the foregoing provisions of this section, an assessee who claims that his profits and gains from the profession are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (1) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.'.
Section 27, The Finance Act, 2016.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 27
What does Section 27 of the Finance Act deal with?
Section 27 of the Finance Act is headed "Insertion of new section 44ADA". Insertion of new section 44ADA. 27. After section 44AD of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:— '44ADA.
How do I find court cases under Section 27 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2016 27, section 27 Finance Act 2016, section 27 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 27 of the Finance Act, and has it changed?
Its own text turns on section 28 (Amendment of section 47), section 30 (Amendment of section 49), section 38 (Substitution of new section for section 80EE), Income-tax Act 44AD (Special provision for computing profits and gains of business on presumptive basis), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When was Section 27 of the Finance Act enacted?
Section 27 of the Finance Act, cited as Finance Act 2016 27, was enacted on 27 Jun 2016. It is in force as at the date shown on this page.
Other sections of this Act
- Fourth Schedule. Fourth Schedule21791 words
- Eighth Schedule. Eighth Schedule19903 words
- First Schedule. First Schedule8145 words
- 2. Income-tax3742 words
- 222. Insertion of new Chapter III F2100 words
- 70. Substitution of new section for section 1531931 words
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