Presumptive taxation threshold increased where cash receipts are immaterial, with non account payee cheques deemed cash receipts. Amendment to section 44AD increases the turnover eligibility ceiling for the presumptive taxation scheme where cash receipts do not exceed five per cent of total turnover or gross receipts, and treats cheques or bank drafts that are not account payee as cash receipts for that purpose; the change takes effect from 1 April 2024 and applies to subsequent assessment years.
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Presumptive taxation threshold increased where cash receipts are immaterial, with non account payee cheques deemed cash receipts.
Amendment to section 44AD increases the turnover eligibility ceiling for the presumptive taxation scheme where cash receipts do not exceed five per cent of total turnover or gross receipts, and treats cheques or bank drafts that are not account payee as cash receipts for that purpose; the change takes effect from 1 April 2024 and applies to subsequent assessment years.
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