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of <h1>Section 44AD: Presumptive taxation-8% (6% digital) deemed profit for eligible small businesses, exclusions and penalties</h1> For an eligible resident individual, HUF or partnership (excluding LLPs) carrying on an eligible business with turnover within prescribed limits, profits are deemed at eight percent of total turnover or gross receipts (reduced to six percent for amounts received by specified banking/electronic modes). Specified business expenditures and depreciation are treated as already allowed; certain professions, commission/brokerage and agency businesses are excluded. If an assessee who used this presumptive scheme later declares profits not in accordance with it, the scheme is disallowed for the next five assessment years and, where total income exceeds the basic exemption, books, audit and audit report are required. Provisions include turnover thresholds and cash-receipt provisos.
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