Presumptive taxation for professionals: a fixed proportion of gross receipts deemed income; stricter bookkeeping if claiming lower profits. For resident individuals or partnerships (excluding LLPs) in professions listed under section 44AA whose gross receipts fall below the statutory threshold, a fixed proportion of gross receipts is deemed to be professional profits for tax purposes; certain non-account-payee cheques/drafts are treated as cash for a cash-receipt proviso. Deductions under sections 30-38 are deemed allowed and written down value is treated as if depreciation were claimed. If actual profits are claimed lower and total income exceeds the exemption limit, the assessee must maintain books under section 44AA and obtain an audit under section 44AB.