Section

Nature of business

Presumptive income

44AD

Income from eligible business can be computed on presumptive basis if turnover of such business does not exceed two crore rupees.

Note: If an assessee opts out of the presumptive taxation scheme, after a specified period, he cannot choose to revert back to the presumptive taxation scheme for a period of five assessment years thereafter. [section 44AD(4)]

(Subject to conditions)

Presumptive income of eligible business shall be 8% of gross receipt or total turnover.

Note: Presumptive income shall be calculated at rate of 6% in respect of total turnover or gross receipts which is received by an account payee cheque or draft or use of electronic clearing system or through any other electronic mode as may be prescribed.

44ADA

Income from eligible profession u/s 44AA(1) can be computed on presumptive basis if the total gross receipts from such profession do not exceed fifty lakh rupees in a previous year.

(Subject to conditions)

Presumptive income of such profession shall be 50% of total gross receipt.

44AE

Presumptive income from business of plying, hiring or leasing of goods carriage if assessee does not own more than 10 goods carriage.

For Heavy Goods Vehicle:

Rs. 1,000 per ton of gross vehicle weight for every month or part of a month during which the heavy goods vehicle is owned by assessee.

For Other Goods Vehicle:

Rs. 7,500 for every month or part of a month during which the goods carriage is owned by assessee.

Note: 'Heavy goods vehicle' means goods carriage vehicle the gross vehicle weight of which exceeds 12,000 kilograms.