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of <h1>Finance Bill 2012 amends Section 44AD of Income-tax Act, exempts certain professions and raises turnover threshold.</h1> Clause 14 of the Finance Bill, 2012 amends section 44AD of the Income-tax Act. It introduces sub-section (6), effective from April 1, 2011, exempting individuals engaged in professions under section 44AA, those earning commission or brokerage, and agency businesses from the presumptive taxation provisions. Additionally, the amendment raises the turnover threshold for eligible businesses from sixty lakh rupees to one crore rupees, effective from April 1, 2013. These changes apply to assessment years 2011-2012 and 2013-2014 onwards, respectively, impacting the computation of business profits and gains on a presumptive basis.
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