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of <h1>Finance Bill 2017: Section 44AD Amendment Lowers Presumptive Income Rate for Digital Transactions to 6%</h1> Clause 21 of the Finance Bill, 2017 amends section 44AD of the Income-tax Act, reducing the presumptive income rate from eight percent to six percent for eligible businesses with a turnover not exceeding two crore rupees. This reduced rate applies only to receipts made via account payee cheque, bank draft, or electronic clearing system during the previous year or by the due date specified in section 139(1). The eight percent rate remains for other modes of receipt. This amendment is effective from April 1, 2017, applicable for the assessment year 2018-2019 onwards.
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