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of <h1>New Section 44AD Allows Presumptive Taxation for Small Businesses, 8% of Turnover Deemed as Profits</h1> Section 44AD of the Income-tax Act is replaced with a provision effective April 1, 2011, allowing eligible assessees engaged in eligible businesses to compute profits on a presumptive basis. The profits are deemed to be 8% of the total turnover or gross receipts. Deductions under sections 30 to 38 are considered already applied, except for specific deductions for firms. Depreciation is presumed to be claimed. Chapter XVII-C provisions do not apply. Assessees claiming lower profits must maintain books and undergo audits if their income exceeds the non-taxable limit. Eligible assessees include individuals, Hindu undivided families, or partnerships, excluding LLPs, with turnover not exceeding forty lakh rupees.
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