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of <h1>Finance Bill 2023 amends Section 44AD, raising presumptive taxation turnover threshold to 3 crore with cash receipt limits.</h1> Clause 16 of the Finance Bill, 2023 amends section 44AD of the Income-tax Act, which addresses presumptive taxation for small businesses. The amendment introduces two provisos, effective from April 1, 2024, raising the turnover threshold from two crore rupees to three crore rupees for eligible businesses, provided cash receipts do not exceed five percent of total turnover. Additionally, non-account payee cheques or bank drafts are considered cash receipts. This change applies to individuals, Hindu undivided families, or partnership firms, excluding limited liability partnerships, for the assessment year 2024-2025 onwards.
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