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of <h1>Finance Bill 2019 amends Section 44AD to include electronic payments for calculating profits under presumptive taxation.</h1> Clause 16 of the Finance (No. 2) Bill, 2019 amends section 44AD of the Income-tax Act, which deals with presumptive taxation for eligible businesses. The amendment modifies the proviso in sub-section (1) to include payments received through prescribed electronic modes, in addition to bank accounts, for calculating profits and gains. This allows eligible assessees to declare profits at a rate of six percent or higher of their turnover received through these electronic modes. The amendment is effective from April 1, 2020, and applies to the assessment year 2020-2021 onwards.
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