Presumptive taxation rate change for banked receipts reduces deemed business income under the presumptive scheme.

The amendment inserts a proviso to the presumptive taxation provision reducing the deemed-profit rate for turnover or gross receipts that are received by account payee cheques, account payee bank drafts or electronic clearing through a bank account when received during the previous year or by the filing due date; the existing rate remains applicable to receipts by other modes, and the amendment takes effect from the commencement of the specified fiscal year for subsequent assessment years.

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