What happens after 75L? As this is presumptive - does one need to produce receipts for half of the income received? i.e. one earns 1 Cr - then does one need to produce receipts for 50 L to get taxed at 10%?
Or, does one get taxed at 30% once one crosses 75L and does not have receipts for expenses.
I am not sure if the standard 10% TDS is the norm. Also, given 44ADA benefits, how much tax do partners effectively pay let's say on an annual retainer of 1.5 Cr?
Or, does one get taxed at 30% once one crosses 75L and does not have receipts for expenses.