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of <h1>Direct Taxes Code Bill 2009: Income for certain businesses determined on presumptive basis under Fourteenth Schedule.</h1> The Fourteenth Schedule of the Direct Taxes Code Bill, 2009, outlines the determination of income on a presumptive basis for various businesses. It specifies that income from businesses such as plying, hiring, or leasing vehicles, civil construction for power projects, and operations related to mineral oil extraction, among others, is calculated based on predetermined rates or percentages of turnover or receipts. Conditions include the number of vehicles owned or the nature of the business. The provisions do not apply if the assessee maintains detailed accounts, undergoes audits, and meets specific criteria for accurate income deduction.
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