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Issue/Justification

Section 44AD relating to presumptive taxation applies only to businesses run by residents Individual, HUF and Firms excluding LLP. Tax on presumptive basis should be extended to all assessees, including a LLP. Only section 44AD excludes LLP, for which there appears to be no cogent reason. Otherwise under the Act, a LLP and a Firm are treated at par.

Suggestion

The benefit of section 44AD should also be made available to LLP.

Source-  ICAI Pre-Budget Memorandum–2018 (Direct Taxes and International Tax)

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