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of <h1>Section 115K prescribes presumptive tax scheme for small retailers, eateries, vehicle operators and specified vocations with turnover limits</h1> Section 115K created a special presumptive taxation scheme for small persons carrying on retail trade, running eating places, operating/hiring vehicles or engaging in specified vocations: where eligible persons submit a prescribed statement and meet turnover and income thresholds and a limit on other taxable income, a fixed sum is deemed to be their business or vocation income. The scheme required payment of tax at the specified advance-tax rate on the deemed and other minor income, prescribed statement content and verification, and specified filing deadlines; 'vocation' was defined to include activities like tailoring, hair-cutting, washing, typing, photocopying and repair services.
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