Presumptive taxation for banked receipts lowered under income tax, applying a reduced presumptive measure to qualifying banked turnover. The amendment inserts a proviso in sub-section (1) of section 44AD substituting a lower presumptive rate for the portion of total turnover or gross receipts received by an account payee cheque, account payee bank draft or by electronic clearing system through a bank account during the previous year or before the due date for filing the return for that year.