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of <h1>Finance Bill 2023 amends Section 44ADA of Income-tax Act; raises gross receipts cap for presumptive tax to 75 lakh.</h1> Clause 17 of the Finance Bill, 2023 amends section 44ADA of the Income-tax Act, which addresses the computation of professional profits on a presumptive basis. The amendment introduces two provisos effective from April 1, 2024. It raises the threshold for gross receipts from fifty lakh rupees to seventy-five lakh rupees for assessees receiving no more than five percent of their total receipts in cash. Additionally, non-account payee cheques or bank drafts are considered cash receipts. This change applies to the assessment year 2024-2025 and subsequent years.
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