==Profession/Business Income from Small Business==
'''For Small Business (Other than Truck Owners)'''
* The provisions of new section 44AD apply to all eligible assesses carrying on any business (except business of plying, hiring or leasing goods carriages covered u/s 44AE), having total turnover or gross receipts upto Rs.60 lakhs in a year.
* Such assesses shall declare their net income at 8% of the turnover or gross receipts and shall be free from all obligations of maintaining accounts and audit. The scheme is compulsory for all eligible assesses. The scheme is applicable for A.Y.2011-12 and onwards.
==Non-admissibility of Deductions under ‘Business Head’==
* All deductions under sections 30 to 38, including depreciation, will be deemed to have been already allowed, and the written down value of assets will be calculated accordingly.
* Deduction for Remuneration and interest to Partners Allowable
However, deduction on account of remuneration or interest to the partners (in case of firm) shall be allowed under his scheme, subject to the limits and conditions specified under sections 40(b).
If book-profit is –ve = 1,50,000
If book-profit is +ve : on first Rs. 3 lac of book-profit = 1,50,000 or 90% of book-profit whichever is more. On balance of book profit =60% of book profit.
* If a person carries:
* Business/profession is a building not owned by him but holds right of occupancy, is entitled to depreciation in respect of any capital expenditure.
* Partnership Firm can claim depreciation on immovable property introduced by partner into firm even though its not registered in firms name.