Presumptive taxation threshold increased, expanding eligibility under section 44AD for more small businesses for future assessments. Amendment increases the turnover ceiling that defines an eligible business for computation of profits under section 44AD, leaving the exclusion for businesses of plying, hiring or leasing goods carriages intact, and applies prospectively from the start of the stated fiscal period to the corresponding assessment year and subsequent years.
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Provisions expressly mentioned in the judgment/order text.
Presumptive taxation threshold increased, expanding eligibility under section 44AD for more small businesses for future assessments.
Amendment increases the turnover ceiling that defines an eligible business for computation of profits under section 44AD, leaving the exclusion for businesses of plying, hiring or leasing goods carriages intact, and applies prospectively from the start of the stated fiscal period to the corresponding assessment year and subsequent years.
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