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of <h1>Presumptive Taxation Threshold Raised to 3 Crore Under Amended Section 44AD for Non-Cash Receipts Below 5%</h1> Section 44AD of the Income-tax Act has been amended to include new provisos effective April 1, 2024. If cash receipts during the previous year do not exceed 5% of the total turnover or gross receipts, the threshold for presumptive taxation will increase from two crore rupees to three crore rupees. Additionally, for this purpose, any receipt by a non-account payee cheque or bank draft will be considered as cash receipt.
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