No, professionals who adopt the Presumptive Taxation Scheme (PTS) and calculate their taxable income at 50% of their receipts are not eligible to claim deductions from their taxable income. The presumptive rate of 50% is considered inclusive of all expenses related to the professional practice. Therefore, no further deductions can be claimed beyond the presumptive rate under the PTS.
Am I eligible to claim deductions from my taxable income after adopting the Presumptive Taxation Scheme (PTS) and calculating my taxable income at 50% of my receipts?
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